Oslo, 03 May 2024—Reltime AS, an award-winning Web3 and AI technology company, is excited to announce a letter of intent for a reverse takeover of Bonzun AB (publ) ("Bonzun") which, subject to Nasdaq Stockholm's approval, would result in a listing on Nasdaq First North Growth Market ("First North").
Transaction Highlights:
- Agreement Execution: Post-due diligence, a share transfer agreement will be executed, with compensation through newly issued Bonzun shares, marking a strategic reverse takeover.
- Shareholder Distribution: After the transaction, existing Bonzun shareholders will retain approximately 8-9% of the equity, while Reltime shareholders will hold about 91-92%.
- Conditional Steps: Completion of the transaction is conditional upon (i) satisfactory completion of due diligence; (ii) Bonzun completing a directed debt set-off issue; (iii) an extraordinary general meeting in Bonzun approving the transaction and the other resolutions proposed by the board of directors in the notice to the extraordinary general meeting; (iv) Reltime's largest shareholder Julo AS obtaining an exemption from the mandatory offer that would otherwise arise as a result of the transaction; and (v) Nasdaq Stockholm granting approval for continued listing of the Bonzun shares on First North.
Strategic Developments:
- Operational Transition: Post-acquisition, Bonzun will discontinue its prior operations to fully integrate into Reltime’s business model and technology. The company will rebrand as Reltime AB (publ).
- Leadership Changes: This acquisition will significantly change management team and board compositions to align with strategic goals.
- Commitments: Julo AS, the majority owner of Reltime, commits to a 12-month lock-up period following this transaction to ensure stability and continuity.
Expected Closure: The deal is projected to conclude in Q3 2024.
About Reltime:
Reltime is a leading B2B technology provider that revolutionises the banking, retail, and telecommunications sectors with its Award-winning Layer 1 Blockchain, AI, and Web3 platforms. Established in 2021, Reltime has expanded globally, continuously enhancing its technological capabilities and client base.
About Bonzun AB (publ):
Founded in 2012, Bonzun has been at the forefront of digital health, innovating within the reproductive and general health sectors. Bonzun is listed on the Nasdaq First North Growth Market under the ticker BONZUN.
Marlene Julo, Co-founder, and Majority Owner of Reltime, stated:
We are pleased to announce that, following the signing of a Letter of Intent for a potential reverse takeover for Nasdaq listing. We are now exploring two significant growth pathways: transitioning to a publicly traded entity in the near term or continuing our development as a private company with enhanced investor support. Our recognition as a likely Future Unicorn in the 2022 Nordic Innovation Report supports both strategic options (page 30), affirming our strong positioning for future growth.
Corporate and Financial Milestones:
- Market Expansion: The anticipated listing of Reltime will further boost Reltime’s visibility significantly and accelerate global expansion.
- Strategic Alignment: Bonzun’s strategic divestment from earlier operations complements this acquisition, increasing its focus on new and emerging technologies.[KH1]
Advisors:
- Legal Advisor: Eversheds Sutherland Advokatbyrå AB
- Financial Advisor: Eminova Partners Corporate Finance AB
Press Release from Bonzun AB (publ): https://investor.bonzun.com/pressmeddelanden/?slug=bonzun-ab-publ-avser-att-genomfora-ett-omvant-forvarv-av-d-04457
For Further Information, Contact:
Marlene Julo
Phone: +47 92699271
Email: marlene@reltime.com
Visit Reltime’s website for more details: https://www.reltime.com
Bonzun's website: www.bonzun.com
Press Contact for Reltime:
Bishwajit Choudhary, bc@reltime.com
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