XTL Completed the Acquisition of The Social Proxy and a Private Placement of $1.5 Million

expands its IP portfolio to AI Web Data

The Social Proxy is a web data AI company
 developing and powering an IP based platform
for AI & BI Applications at scale

Completed a Private Placement of $1.5 Million

  
RAMAT GAN, ISRAEL, Aug. 14, 2024 (GLOBE NEWSWIRE) -- August 14, 2024, XTL Biopharmaceuticals Ltd. (the “Company” or “XTL”) announced today it has completed the acquisition of THE SOCIAL PROXY Ltd. (the “Social Proxy”), an AI web data company, developing and powering a unique ethical, IP based, proxy and data extraction platform for AI and BI Applications at scale (the “Purchase Agreement”).

Pursuant to the Purchase Agreement, XTL acquired all of the issued and outstanding share capital of Social Proxy on a fully diluted basis (the “Transaction”) in exchange for the issuance by the Company to the shareholders of Social Proxy, by way of a private placement, such number of ADSs of the Company, representing immediately after such issuance, 44.6% of the issued and outstanding share capital of the Company and the payment of US$430,000 to the shareholders of Social Proxy.

In addition, as part of the Transaction, the shareholders of Social Proxy were issued additional warrants, which may only be exercised upon reaching certain financial measured milestones within a period of up to three (3) years from the closing of the Transaction.

Social Proxy will operate as fully owned subsidiary of XTL and its shareholders appointed two (2) representatives to the Company’s board of directors out of a total of up to seven (7) directors.

The Transaction, which was approved by the Company’s shareholders, is part of the Company’s strategy to expand its assets portfolio with high potential assets.

In addition and in order to support the growth of Social Proxy and the Company’s financial needs , the Company has consummated its previously disclosed investment of US$1,500,000 through a private placement that was approved by the shareholders. 

Shlomo Shalev, CEO of XTL commented: “We are pleased to add Social Proxy into our asset portfolio. During the past months we have worked closely with Social Proxy team and believe that it will add great value to our company and shareholders. In our search for new IP based assets to acquire,  we have identified the AI Web Data as a high growth market and we believe we acquired an excellent technology and team. The completion of the private placement of $1.5 million allows us to support and accelerate the growth of Social Proxy as well as to continue our ongoing activities.