PainReform (PRFX) said Tuesday it signed a definitive agreement to acquire DeepSolar, an AI-driven solar analytics platform, from Israeli-based company BladeRanger.
Under the agreement, PainReform said it will gain rights to various assets, including intellectual property, customer relations, agreements, and the "My DeepSolar" application and platform.
The company said BladeRanger will receive 178,769 shares, equal to 9.9% of PainReform's issued and outstanding share capital, together with pre-funded warrants, milestone warrants, and additional warrants to purchase shares of PainReform.
Some BladeRanger employees will also enter into employment agreements with PainReform as part of the deal, the company said.
The acquisition is slated to close before the end of February.
PRFX shares were up 84% in recent premarket activity.
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