JFrog (FROG) just unveiled an update.
JFrog Ltd., an Israeli-based company, has entered into an agreement to acquire Qwak AI Ltd. for approximately $230 million, a deal combining cash and shares to be finalized in the third quarter of 2024. This move will make Qwak AI a wholly-owned subsidiary of JFrog, with payment including unregistered shares and restricted share units from JFrog’s incentive plan. The price per share for the deal will be calculated based on JFrog’s average closing share price on the NASDAQ over a specified 30-day trading period, subject to certain adjustments. This strategic acquisition was publicly announced by JFrog through a press release, which also confirmed their financial guidance for the upcoming quarter and fiscal year.
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