Advanced Test Solutions Ltd entered into a non-binding letter of intent to acquire Moon River Capital Ltd. (TSXV:MOO.P) in a reverse merger transaction on August 26, 2021. Pursuant to the terms of the transaction, all of the issued and outstanding stock of ATS will be exchanged for common shares of Moon River following a consolidation of the Moon River's common shares on a basis to be determined by the parties. The parties currently contemplate that ATS, or an entity designated by it, will complete one or more brokered or non-brokered private placements of securities. The board of directors of Moon River upon completion of the transaction will consist of five directors, four of such directors will be nominees of ATS and one of such directors will be a nominee of the Moon River, all subject to the approval of such nominees by the TSXV.

Advanced Test Solutions Ltd cancelled the acquisition of Moon River Capital Ltd. (TSXV:MOO.P) in a reverse merger transaction on January 24, 2022.