ATLAS GLOBAL BRANDS INC. Atlas Global Brands Inc. (CNSX:ATL) entered into binding letter of intent to acquire 51% stake in Pharmacy in Jerusalem for ILS 0.45 million on March 2, 2023. In related transaction, Atlas agreed to acquire Pharmacy in Tel Aviv. Atlas will issue 1,132,000 shares as consideration.
The transaction is subject to regulatory approval, approval of Canadian stock exchange, completion of due diligence and entering into definitive agreement. The transaction includes a put option where vendors will be entitled to sell remaining 49% stake subject to satisfaction of yet to be determined conditions. Entry into a definitive agreement expected to occur on March 31, 2023.
The transaction is expected to complete on last quarter of 2023.
