Jeffs' Brands (JFBR) said Thursday it has entered into a definitive agreement to complete the planned merger of its Fort Products unit with Impact Acquisitions.
Under the terms of the deal, Impact will acquire 100% of Fort Products' equity interests from Jeffs' Brands. The company will receive between 75% and up to 83% ownership of Impact share capital, subject to certain predetermined milestones.
The proposed merger is based on a total valuation of Impact of about CA$4.8 million ($3.3 million) and a total valuation ascribed to Fort Products of roughly CA$17.1 million.
The companies expects the deal to be completed by May 31.
Jeffs' Brands shares were down 1.9% in recent trading.
Price: 2.12, Change: -0.04, Percent Change: -1.85
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