Shares in Mobilityone Limited (AIM:MBO surged 37% to 12p after the company announced that shareholders of its joint venture partner Technology & Telecommunication Acquisition Corporation (TETE) had approved all resolutions at an extraordinary general meeting held on 30 March 2026.
The vote clears a key procedural hurdle in the proposed merger between TETE and Super Apps, the completion of which will trigger cash payments totalling around £10.26 million to the company's Malaysian subsidiary, M1 Malaysia.
The first payment of £6.8 million is due within 14 days of the merger completing, with a further £3.4 million payable within 180 days.
Under the joint venture agreement, the AIM-quoted e-commerce payments and platform provider will carve out part of its existing electronic voucher business, covering mobile airtime, pay-TV vouchers, game credits and other digital vouchers, into subsidiary.
This is to be called OneShop Retail and has been set a revenue target of $125 million for 2026.
If that is met, Super Apps will cause TETE to issue additional shares in the combined entity to MobilityOne with a value of £3.4 million.