Effective November 2017, Bio-Nexus has entered into a non-binding memorandum of understanding (“MOU”) with Arion Entertainment Singapore Limited to be acquired as a part of a reverse takeover. Discussions are ongoing, and there is no certainty whatsoever that these discussions will result in any transaction. The aim of the transaction, if successful, is for Bio-Nexus to eventually list and trade on the Singapore Stock Exchange.
The MOU is subject to the Parties (collectively, the Company and the Vendor) entering into a definitive sale and purchase agreement (the “Definitive Agreement”). The MOU is not intended to be legally binding between the Company and the Vendor. The Parties shall negotiate in good faith and use reasonable endeavors to agree on the terms and conditions of the Definitive Agreement prior end of 2017, or such other later date as the Parties may agree.