- Medigus Ltd (NASDAQ:MDGS) subsidiary Charging Robotics Ltd inked a distribution agreement with Israel’s Automax Motors Ltd for exclusive distribution of its wireless robotic charging pad in Israel and Greece for five years.
- There is an extension option for an additional five years.
- Automax Motors will market the wireless robotic charging pad for electric vehicles (EVs) and procure the necessary licenses, permits, and approvals for importing, marketing, and distributing such products.
- Automax Motors will pay Charging Robotics a one-time payment of $50,000 to be the exclusive distributor in Israel and Greece.
- Additionally, Automax Motors will have a five-year option to purchase up to 5% of Charging Robotics’ shares at a $30 million pre-money valuation on a fully diluted basis following Charging Robotics’ first financing round.
- Automax Motors will have another five-year option to purchase shares of up to 5% Charging Robotics’ share issue in any subsequent round, following the first financing round.
- Charging Robotics is developing an on-demand autonomous charging system to be used anywhere, anytime.
- Price action: MDGS shares traded higher by 6% at $1.86 on the last check Thursday.
Benchmark Maintains Buy on Diodes, Raises Price Target to $105
Benchmark analyst David Williams maintains Diodes (NASDAQ:DIOD) with a Buy and raises the price target from $90 to $105.
