XTL Biopharmaceuticals completes acquisition of The Social Proxy

XTL Biopharmaceuticals has completed the acquisition of THE SOCIAL PROXY, an AI web data company, developing and powering a unique ethical, IP based, proxy and data extraction platform for AI and BI Applications at scale. Pursuant to the Purchase Agreement, XTL acquired all of the issued and outstanding share capital of Social Proxy on a fully diluted basis in exchange for the issuance by the Company to the shareholders of Social Proxy, by way of a private placement, such number of ADSs of the Company, representing immediately after such issuance, 44.6% of the issued and outstanding share capital of the Company and the payment of US$430,000 to the shareholders of Social Proxy. In addition, as part of the Transaction, the shareholders of Social Proxy were issued additional warrants, which may only be exercised upon reaching certain financial measured milestones within a period of up to three years from the closing of the Transaction. Social Proxy will operate as fully owned subsidiary of XTL and its shareholders appointed two representatives to the Company’s board of directors out of a total of up to seven directors. The Transaction, which was approved by the Company’s shareholders, is part of the Company’s strategy to expand its assets portfolio with high potential assets. In addition and in order to support the growth of Social Proxy and the Company’s financial needs , the Company has consummated its previously disclosed investment of US$1,500,000 through a private placement that was approved by the shareholders.