Rail Vision Ltd. (RVSN), Tuesday announced its decision to acquire 51 percent ownership of Quantum Transportation Ltd., a quantum computing and AI company.
With this transaction, Rail Vision intends to integrate its rail-focused AI expertise with groundbreaking quantum error correction to redefine safety and efficiency in the global railway sector.
As per the terms of the deal, Rail Vision will issue ordinary shares representing approximately 4.99 percent of its share capital to select Quantum Transportation shareholders on completion of the acquisition.
Additionally, the company will extend a convertible loan of up to $700,000 to Quantum Transportation at an 8 percent annual interest rate, disbursed in tranches to support ongoing operations and development.
Notably, the transaction, expected to close within the next 60 days, is conditioned on signing definitive agreements and key milestones.
In the pre-market hours, RVSN is trading at $0.45, up 15.04 percent on the Nasdaq.
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