Polyrizon Ltd. (PLRZ), an Israeli pre-clinical stage biotechnology company, on Tuesday, signed a non-binding memorandum of understanding to acquire up to a 20% stake in a developer of eVTOL, Colugo Systems Ltd., from two shareholders.
The proposed transaction is valued at up to $6 million and may be paid in cash or shares.
The deal is expected to close shortly after certain conditions are met.
Colugo develops electric vertical take-off and landing drone systems serving defense, emergency response and commercial customers, including the Israel Defense Forces.
The MOU will terminate upon written notice by either party or on September 30, if the transaction has not closed by then.
In the pre-market trading, Polyrizon is 4.20% lesser at $13.70 on the Nasdaq.
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