Shanghai Kedong Network Technology Co., Ltd. entered into a binding term sheet to acquire Alpha DX Group Limited in a reverse merger transaction for approximately $60 million.

Shanghai Kedong Network Technology Co., Ltd. entered into a binding term sheet to acquire Alpha DX Group Limited (Catalist:VVL) in a reverse merger transaction for approximately $60 million on March 15, 2024. The acquisition will be documented via a conditional sale and purchase agreement, which is targeted to be mutually agreed and executed by the parties within 60 days (or such other later date as may be mutually agreed between the parties in writing) from the date of signing of the term sheet. In connection with the acquisition, it is envisaged that Alpha will nominate new members to the board of directors.

The transaction is conditional on the results of legal, financial and technical due diligence investigations on Alpha DX Group, resolution of the board of directors and shareholders of Alpha having been obtained for the entry into and completion of the transactions, all necessary approvals, consents, licenses, permits, authorizations and/or registrations from/ with all relevant governmental, regulatory and other authorities having been obtained including approvals from SGX-ST, Securities Industry Council and China Securities Regulatory Commission and the approval of shareholders of Alpha. Completion of the acquisition shall take place no later than 12 months from the date of execution of the sale and purchase agreement.