Medigus: Jeffs’ Brands in LOI with Sky Growth to invest in laser-based tech

Medigus announced that Jeffs’ Brands, owned 34.87% by Medigus, has entered into a non-binding letter of intent with Sky Growth Partners to invest in an innovative Digital Light Processing laser-based system for drone countermeasure solutions, initially for the defense sector According to the LOI, Sky Growth will establish and transfer all of its rights in the technology to a new Israeli company that will develop, manufacture and market the technology. Following an investment of $2M by Jeffs’ Brands, it will hold a 70% equity interest in NewCo. In addition, pursuant to the terms of the LOI, Jeffs’ Brands will establish a credit line of up to $250,000 bearing an annual interest of 8% for the utilization by NewCo for a limited time period, subject to certain conditions as to be approved by the parties. The LOI also includes certain milestone conditions that if achieved by NewCo, will grant the founders, for no additional consideration, additional equity interests in NewCo.