Ran On deal Transaction Details
In consideration for oceansix, Alkemy has agreed to issue at closing 20,295,037 Ordinary Shares, par value NIS 0.01 each to RAM.ON finance. The transaction also includes earnout payments involving the issuance of additional Ordinary Shares to RAM.ON finance upon the achievement of certain milestones, including the following:
- The issuance of 10,000,000 additional Ordinary Shares if Alkemy is able to successfully establish an operational manufacturing site outside of Israel for the production of products utilizing oceansix's or the Company's technology or processes within two years of the closing of the transaction;
- The issuance of 4,593,773 additional Ordinary Shares if Alkemy is able to successfully establish a second manufacturing site, as described above, within two years of the closing of the transaction;
- The issuance of 6,000,000 additional Ordinary Shares if Alkemy is able to successfully commercialize and generate revenues from oceansix's technology within five years of the closing of the transaction;
- The issuance of 20,000,000 additional Ordinary Shares if, within the five year period following the closing, the annual sales of products utilizing oceansix's technology reaches a minimum of US$ 40,000,000 and 0.338915 Ordinary Shares for every US$ 1 in sales in excess of US$ 40,000,000, altogether up to a maximum amount of 74,111,190 Ordinary Shares; and
- The issuance of 33,166,312 additional Ordinary Shares, if, within the five year period following the closing, the annual sales of products utilizing oceansix's technology exceeds US$ 300,000,000.