Rymamay Investments Pty Ltd entered into term sheet to acquire Substantially all the assets of Flamingo AI Limited (ASX:FGO) for nominal consideration of AUD 100 on May 21, 2020. Under the terms of consideration, Rymamay Investments will assume the employment of certain employees and their accrued entitlements of AUD 0.2 million, nominal consideration of AUD100. The deal is subject to due diligence investigations on or before June 1, 2020, formal agreement by June 9, 2020, all necessary regulatory approvals, any required third party consents, all relevant shareholder approvals and Rymamay Investments to offer certain employees of Flamingo AI Limited new positions and enter into new employment agreements on or before June 1, 2020. Rymamay Investments has agreed to pay any outstanding employee entitlements for all key employees from June 1, 2020. If shareholder approval is not obtained, Flamingo AI Limited must within 5 business days of the meeting, repay the amount of employee entitlements paid by the Rymamay Investments. There will be no material adverse changes with respect to the business prior to completion.