PERTH: Story-I Ltd (ASX: SRY) announced Monday it has entered into a binding heads of agreement to acquire LIT Energy Network Australia Pty Ltd for AUD $8 million, marking a strategic pivot into electric mobility as the company prepares to delist from the Australian Securities Exchange.
Under the proposed acquisition, 60% of the consideration will be paid in SRY shares at AUD $0.0025 per share, with the remaining 40% contingent on LIT Energy achieving AUD $2 million in revenue during calendar year 2026. The deal is subject to shareholder and regulatory approvals, including ASX and ASIC clearance.
LIT Energy, operating under the LITGo brand in Vietnam, runs a nationwide electric motorcycle distribution network, charging infrastructure, and a proprietary mobile app. The company is positioned to benefit from Vietnam’s aggressive push toward electrification, with over 3 million electric motorcycles already on the road and new regulations phasing out gasoline-powered vehicles in major cities starting July 2026.
To fund the acquisition and future growth, Story-I plans to raise AUD $5 million through a placement and a non-renounceable rights issue. A lead manager will be appointed to oversee the capital raise.
Story-I is scheduled to be removed from the ASX official list on Sept. 2, 2025. While relisting is not a condition of the acquisition, the company may seek ASX approval to rejoin the exchange post-transaction.
The board has authorized a shareholder meeting following delisting to approve the acquisition, share issuance, and capital raising.