Clarity IOT Services & Technology Inc. entered into a letter of intent to acquire Must Capital Inc. (TSXV:MUST.H) for CAD 7.1 million in a reverse merger transaction on September 6, 2022. In connection with the transaction, all of the Clarity IOT Shares existing immediately prior to the closing (including those Clarity IOT Shares issued pursuant to the Pre-Closing Financing and to settle Clarity IOT Indebtedness) will be exchanged for common shares of the Resulting Issuer at a ratio of approximately 4.06 Resulting Issuer Shares for each Clarity IOT Share. Must 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 intends 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.” 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 January 20, 2023, the transaction is expected to close on May 1, 2023.