SYDNEY, AUSTRALIA: LiveHire Limited (ASX: LVH) has announced that it has entered into a conditional binding Asset Sale Agreement with Arrived Workforce Connections Inc. (Arrived) for the acquisition of all of Arrived’s business and assets.

The deal, which is subject to LiveHire shareholder approval, will see the company pay an aggregate purchase price of up to A$5.92 million through the issuance of fully-paid ordinary shares in LiveHire.

Upon completion of the Proposed Acquisition, Arrived will receive 8,457,142 fully-paid ordinary shares in LiveHire, each with an issue price of A$0.35.

Additionally, subject to the integration of Arrived’s shift scheduling capability into LiveHire’s platform within 12 months after completion of the Proposed Acquisition, Arrived will receive A$1.48 million in fully-paid ordinary shares in LiveHire.

The shares will be issued at the lesser of the 15 day volume weighted average price of LiveHire’s fully-paid ordinary shares immediately prior to the date of issue (subject to a floor price of A$0.115) and A$0.35.

Furthermore, subject to the Integration Condition and LiveHire entering into an agreement for the sale of the Scheduling Product to a new or existing customer of LiveHire within 12 months after completion of the Proposed Acquisition, Arrived will receive A$1.48 million in fully-paid ordinary shares in LiveHire. The shares will be issued at the lesser of the 15 day volume weighted average price of LiveHire’s fully-paid ordinary shares immediately prior to the date of issue (subject to a floor price of A$0.115) and A$0.35.

LiveHire will also be responsible for all costs incurred by Arrived in connection with its employees and contractors in respect of the period from 21 April 2023 until the earlier of completion of the Proposed Acquisition and termination of the Sale Agreement.

Certain employees of Arrived, including Jennifer Byrne, will be offered employment with LiveHire, and subject to those employees accepting the offers of employment and completion of the Proposed Acquisition, they will commence employment with LiveHire with effect from completion.

The acquisition of Arrived’s business and assets is expected to enhance LiveHire’s shift scheduling capability and provide significant benefits to LiveHire’s customers. Further details of the Proposed Acquisition will be set out in the notice of meeting, which will be sent to LiveHire shareholders.

LiveHire Limited will acquire Arrived Workforce Connections for $4 million