The subsidiary Innowearable AB (publ) of Raytelligence AB (publ) moves forward with another party and cancels the process of completing a reverse acquisition of Mobintel LLC.
In June, Raytelligence AB (publ) subsidiary Innowearable AB (publ) ("Innowearable") entered into a letter of intent with the majority shareholder of Mobintel LLC ("Mobintel", formerly Tekmovil LLC), whereby Innowearable intended to acquire all shares in Mobintel through a so-called reverse acquisition. During the autumn, the circumstances surrounding the transaction with Mobintel became so complicated and delayed that the parties have now agreed to terminate the process, with Innowearable proceeding with another stakeholder.In connection with the end of the exclusivity agreement with