Jeffs’ Brands closes acquisition of Fort Technology

Jeffs’ Brands (JFBR) announced the closing on July 7 of the acquisition transaction of Fort Products, a UK-based private company and a wholly owned subsidiary of the company, to Fort Technology – formerly known as Impact Acquisitions – , a capital pool company listed on the TSX Venture Exchange. At the closing, Jeffs’ Brands sold to the acquirer all of the issued and outstanding shares of Fort Products in consideration for 100,000,000 common shares of Fort Technology, each at a deemed price per share of C$0.171246, representing a post-closing equity interest in the acquirer of 75.02% for deemed aggregate consideration of approximately C$17.1M, or $12.5M. The fair market value of Fort Products ranged from C$16.86M to C$20.59M or $12.5M to $15M. As a result, Fort Products became a wholly-owned subsidiary of Fort Technology. It is anticipated that the trading of Fort Technology’s common shares on the TSX Venture Exchange will resume on or about July 10. Effective July 4, the acquirer changed its name from “Impact Acquisitions Corp” to “Fort Technology Inc.” and its trading symbol from “IMPC.P” to “FORT”. Jeffs’ Brands will also be entitled to receive up to an additional 66M Common Shares for no additional consideration, contingent upon the achievement of certain pre-determined milestones.