LONDON: Iconic Labs Plc (LON: ICON) has agreed to acquire a controlling stake of unmanned drone company, Sting Industries Ltd.
The consideration is payable in a combination of convertible notes, warrants and cash, and provide a long-term financing facility to meet Sting’s working capital needs.
Iconic Labs Plc (LON:ICON), a cutting-edge media, data, information, internet, security, and technology company entered into a non-binding letter of intent (LOI) with Ott Ventures, s.r.o. (Ott Ventures), an entity closely affiliated with one of Iconic’s key shareholders, Ott Holdings Limited.
Sting’s modular drones are used in a wide range of applications for the military and security sectors. They provide close range safety and protection by flying in front of the first person through the door in demanding urban environments confronted by special forces, military, police, and security personnel.
In addition, through the research and development associated with these drones, Sting collects, processes, and analyses significant quantities of data derived from flying and manoeuvring these sophisticated drones in tight indoor spaces.
The non-binding LOI is subject to due diligence, finalizing a long-term financing facility of up to £50 million with European High Growth Opportunities Securitization Fund (EHGOSF), obtaining sufficient corporate authorities to facilitate the financing and the acquisition of Sting by using convertible notes and warrants, and the execution of definitive documents.
“I have worked with Ott Ventures and the affiliated companies in Group Ott for many years and am delighted to have been able to sign this letter of intent with them as I begin the process of building a bold future for Iconic. Sting is an exceptional company. I look forward to signing a financing facility with EHGOSF and completing this transaction,” said Iconic’s Chief Executive Officer, Brad Taylor.
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10 May, 8:16 am GMT+1 · Disclaimer