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An update from Mighty Kingdom Ltd ( (AU:FTI) ) is now available.
FortifAI Limited has completed the acquisition of FastAI Pty Ltd, gaining full control of Israeli subsidiary Celerriem Ltd and the licensed Nol8 next-generation binary search technology from the Technion Research and Development Foundation, in exchange for 155 million fully paid ordinary shares and 150 million performance rights. As part of the transaction, experienced technology executive Yosef Keret has been appointed to the FortifAI board while continuing as CEO of Celerriem, with his role structured around performance-based bonuses and equity incentives tied to ambitious revenue milestones, underscoring FortifAI’s strategy to commercialise Nol8 globally and strengthen its position in advanced AI and search technologies, with all Israeli operations to be run via Celerriem under Keret and inventor/CTO Alon Rashelbach.
More about Mighty Kingdom Ltd
FortifAI Limited is an ASX-listed technology company focused on advanced artificial intelligence and data technologies. Through its recent acquisition of FastAI Pty Ltd and its Israeli subsidiary Celerriem Ltd, FortifAI is positioning itself around Nol8, a next-generation binary search technology licensed from the Technion Research and Development Foundation, targeting high-performance computing and data-intensive applications.
Average Trading Volume: 461,133
Technical Sentiment Signal: Hold
Current Market Cap: A$37.74M
For an in-depth examination of FTI stock, go to TipRanks’ Overview page.