- Koios (FIT) has signed a non-binding letter of intent to acquire Retox Beverage
- Retox focuses on healthier, low-sugar soft beverages, sodas and seltzers for the bar mix industry
- Retox shareholders would receive 15M Koios units priced at C$0.10
- Post acquisition, Koios plans to leverage its joint venture with Bev Creation to create and can its own alcohol line extensions
- Koios offers functional beverages that increase blood flow, oxygen levels and neural connections in the brain
- Koios (FIT) is up by 51.43 per cent trading at $0.265 per share
Koios (FIT) has signed a non-binding letter of intent to acquire Retox Beverage.
Retox is a privately held company focused on healthier, low-sugar soft beverages, sodas and seltzers for the bar mix industry.
Retox shareholders would receive 15M Koios units priced at C$0.10.
Each unit would be comprised of one Koios common share and one common share purchase warrant.
Each warrant would be exercisable into one share priced at $0.175 for twelve months from issuance.
Retox would become a wholly-owned Koios subsidiary.
Retox shareholders would own 30.34 per cent of the resulting company on a fully-diluted basis.
The companies intend to negotiate a definitive agreement by March 15, 2022, and to finalize the transaction by March 31, 2022.
Post-acquisition, Koios plans to leverage its joint venture with Bev Creation to create and can its own alcohol line extensions.
“We are excited to announce the LOI to acquire Retox; the company has been evaluating the ready-to-drink alcohol space for some time,” stated Chris Miller, CEO of Koios. “With the wildly successful launch of Fit Soda and its accelerated growth, releasing a hard Fit Soda has been a priority for the company for the past year. This is a unique time in the space as innovation and consumer demand are soaring for better ready-to-drink alcohol products.”
Koios offers functional beverages that increase blood flow, oxygen levels and neural connections in the brain.
Koios (FIT) is up by 51.43 per cent trading at $0.265 per share as of 10:58 am EST.
