Clarity IOT Services & Technology Inc. entered into a letter of intent to acquire Must Capital Inc. (TSXV:MUST.H) for CAD 7.6 million in a reverse merger transaction on September 6, 2022. Clarity IOT Services & Technology Inc. entered into an amalgamation agreement to acquire Must Capital Inc. in a reverse merger transaction on October 30, 2023. At the effective time of the amalgamation, Clarity IOT will become a wholly owned subsidiary of Must Capital, shares held by the shareholders of Clarity IOT will be exchanged for shares of Must on the basis of 1 Clarity IOT common share for 4.33 common shares of Must, resulting in the issue of a total of 108,759,248 shares of the Resulting Issuer. Must Capital shareholders will own 16.93% stake in the resulting issuer and Clarity IOT Shareholders will own 62.38% stake in the resulting issuer. In connection with the completion of the transaction, Must Capital intend to delist from the NEX board of the TSX Venture Exchange and list on the TSXV. The Resulting Issuer will carry on the business previously carried on by Clarity IOT upon completion of the transaction. Must?s name will be changed to ?Clarity IOT Services & Technology Corp.? and the common shares of the Resulting Issuer will be listed and posted under the trading symbol ?CIOT?. The Board of Directors of the Resulting Issuer is expected to be comprised of five members including: Michele (Mike) Marrandino; Michael Feola; Daniel Hilton; Rolf Christensen; and Kristina Finch. The officers of the Resulting Issuer will be as follows: Randolph Carter - Chief Executive Officer and Chief Resource Officer; Daniel Hilton - Chief Financial Officer; Rolf Christensen - Chief Technology Officer; and Garry Whitworth - Chief Marketing Officer.

The transaction is subject to the receipt of all necessary approvals, including without limitation Clarity IOT shareholder approval, completion of private placement and regulatory approval for the listing of the Resulting Issuer Shares on the TSXV. As of November 17, 2023, the TSX Venture Exchange has conditionally approved the transaction. As of January 20, 2023, the transaction is expected to close on May 1, 2023. As of September 12, 2023, Must Capital Inc. entered into a second amendment to its letter of intent with Clarity IOT Services & Technology Inc. dated August 31, 2023 to extend the revised deadlines agreed to in the first amendment to its letter of intent dated September 6, 2022. Must and Clarity IOT have agreed to extend the expected closing date for the RTO from July 31, 2023 to December 31, 2023.

Jason D. Meretsky of Meretsky Law Firm acted as legal advisor to Must Capital Inc. and Michael A. Gerrior of Perley-Robertson, Hill & McDougall LLP acted as legal advisor to Clarity IOT Services & Technology.

Clarity IOT Services & Technology Inc. cancelled the acquisition of Must Capital Inc. (TSXV:MUST.H) in a reverse merger transaction on March 7, 2024. Due to market conditions, Clarity IOT was unable to complete the necessary private placement financing for the RTO to proceed.