Galaxy Racer Holdings Ltd. agreed to acquire MSM Corporation International Limited on July 12, 2023. As such, as part of the Transaction, MSM shall issue additional shares, in the amount of approximately 3 times its current issued share capital to the GXR shareholders as consideration for the sale of their GXR shares to RTE. This represents the issue of 10,813,743,594 Additional MSM Shares to GXR shareholders and MSM Warrants at nil exercise price, expiring 27 January 2032 in respect of 825,191,079 MSM Shares and MSM Warrants in respect of 25,954,206 MSM Shares at an exercise price of $0.0131, expiring 27 September 2032 and MSM Warrants in respect of 12,977,103 MSM Shares at an exercise price of $0.0131 expiring 3 October 2032 to GXR warrant holders.

On completion of the Transaction, Hemant Venkataramani Lalithraj and Prasad Vanga will be appointed as Directors of MSM. The transaction is subject to approval by GXR shareholders.