INNOVATIVE PHAR(00399) plans to acquire a majority stake in Niraxx, Inc.

INNOVATIVE PHAR (00399) announced on November 12, 2024 that the company, as an investor, has signed a memorandum of understanding with target (Niraxx. Inc.) indicating its intention to invest in the majority of the target's equity. It is reported that the target is a limited company registered in Delaware, USA, mainly engaged in (a) developing an artificial intelligence-driven virtual health platform, SyncWell; (b) developing brain neuron technology service platform, DeepSynaps; (c) integrating optical biological regulation technology into sports apparel; and (d) developing computer chips with integrated advanced technology. The Board believes that the potential investment and the signing of a formal agreement represent strategic initiatives for the Group's business development and expectations of long-term cooperation with the target. This move will not only help diversify the Group's business further, but also expand and create synergies with the Group's existing businesses, and is expected to bring new profit growth points to the Group.