- Ultra-thinly traded nano cap Medigus Ltd. (NASDAQ:MDGS) perks up 13% premarket on light volume in reaction to its announcement that Intellisense has secured commitments for $3.5M in investments in Medigus subsidiary ScoutCam, exceeding the $3M threshold for the securities exchange deal with Intellisense.
- Under the terms of the transaction, ScoutCam will become a wholly-owned subsidiary of Intellisense in exchange for 60% of the issued and outstanding share capital of Intellisense if the latter secures at least a $3M in funding.
- In the event that ScoutCam achieves $33M in sales within three years of closing, Medigus will receive an additional 10% of Intellisense's stock.