V.V.T. Med Ltd. and Exiteam Acquisition Corp. entered into a non-binding letter of intent to acquire DXI Capital Corp. (TSXV:DXI.H) for CAD 7.5 million in a reverse merger transaction.

V.V.T. Med Ltd. ("VVT") and Exiteam Acquisition Corp. ("EAC") entered into a non-binding letter of intent to acquire DXI Capital Corp. (TSXV:DXI.H) for CAD 7.5 million in a reverse merger transaction on November 22, 2023. The holders of EAC Shares will receive one Resulting Issuer Share for each EAC Share. 46,732,299 Resulting Issuer Shares will be issued to acquire VVT and EAC. Following the completion of the transaction, DXI will continue the business of VVT. DXI shares will consolidate on basis of 4.67 to 1 share before the completion of the transaction. Upon completion of the Proposed Transaction, it is the intention of the parties that the Resulting Issuer will be renamed "VVT Medical Ltd." Upon completion of the Transaction, it expected that the board of directors and executive management team of the Resulting Issuer will be comprised of Yair Aloni (Chairman of the Board), Eitan Machover (Director), Yacov Reizman (Director), Erez Tetro (Director and CEO) and Haim Maimon (CFO).

The completion of the transaction is subject to a number of conditions precedent, including but not limited to satisfactory due diligence reviews, negotiation and execution of definitive transaction documentation, approval by the respective board of directors of each party, approval of the EAC and VVT shareholders, obtaining necessary third-party approvals, the Concurrent Debt Settlement of DXI in resulting issuer shares, TSXV acceptance, and the completion of the Concurrent EAC Private Placement.