InMode Ltd. completed the acquisition of remaining 49% stake in Guangzhou InMode Medical Technology Ltd. from Guangzhou Sino-Israel Bio-Industry Investment Fund.
January 30, 2021
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InMode Ltd. (NasdaqGS:INMD) entered into a share exchange agreement to acquire remaining 49% stake in Guangzhou InMode Medical Technology Ltd. from Guangzhou Sino-Israel Bio-Industry Investment Fund (LLP) (GIBF) for $2.7 million on November 11, 2020. Under the transaction, InMode will purchase from GIBF all of GIBF's outstanding equities in Guangzhou InMode Medical Technology Ltd.and all of its rights pursuant to the JV Agreementnt. The consideration will be paid by issuance of 62,457 of InMode's ordinary shares, to be delivered to GIBF at the closing. For certain services to be provided by GIBF, InMode has approved the grant of 6,500 options to purchase ordinary Shares of InMode. At the closing, all the GIBF appointed officers, directors and signatories of Guangzhou InMode Medical Technology shall resign. The closing of the transaction is subject to the satisfaction of customary closing conditions by January 31, 2021, including but not limited to obtaining certain governmental approvals, a new form of Amended and Restated Articles of Association reflecting the transformation of Guangzhou InMode Medical Technology Ltd. from an Equity Joint Venture Company to a Chinese foreign wholly owned enterprise has been executed, resignation from Guangzhou InMode Medical Technology of all GIBF appointed directors, supervisors and officers including the financial manager, which shall come into effect upon closing, appointment of replacing directors, supervisors and officers including financial manager, Board resolutions of Guangzhou InMode Medical Technology approving the transaction, shareholders meeting resolutions of Guangzhou InMode Medical Technology adopting the needed resolutions, Compensation Committee and Board resolution of InMode approving the transaction and the grant of the options have been adopted, Investment Committee resolutions of GIBF approving the transactions contemplated by this agreement have been obtained, GIBF has obtained all necessary approvals, registrations and filings regarding outbound investment at all relevant PRC authorities (including but not limited to branches of Ministry of Commerce, National Development and Reform Commission) for holding ordinary shares and related investments contemplated under the agreement. The closing is expected to occur no later than January 31, 2021. In the event that closing has not occurred by January 31, 2021, each party of the agreement is entitled to terminate the agreement.
InMode Ltd. (NasdaqGS:INMD) completed the acquisition of remaining 49% stake in Guangzhou InMode Medical Technology Ltd. from Guangzhou Sino-Israel Bio-Industry Investment Fund (LLP) (GIBF) for $2.7 millionin January, 2021.
Inmode Ltd is an Israel-based global provider of energy-based, minimally-invasive surgical medical treatment solutions. Company's products and solutions are primarily designed to address three energy-based treatment categories comprised of: face and body contouring; medical aesthetics; and womenâs health. The Company have developed and commercialized products utilizing medically-accepted RF energy technology, which can penetrate deep into the subdermal fat, allowing adipose tissue remodeling. It's RF energy-based proprietary technologies - Radio Frequency Assisted Lipolysis (RFAL), Deep Subdermal Fractional RF, Simultaneous Fat Destruction and Skin Tightening and Deep Heating Collagen Remodeling for skin and human natural openings- represent a paradigm shift in the minimally-invasive aesthetic solutions market. These technologies are used by physicians to remodel subdermal adipose, or fatty tissue in a variety of procedures.
InMode Ltd. completed the acquisition of remaining 49% stake in Guangzhou InMode Medical Technology Ltd. from Guangzhou Sino-Israel Bio-Industry Investment Fund.