Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF) revealed that the TSX Venture Exchange (TSXV) has conditionally approved a reverse-takeover transaction as a follow-up to a merger agreement dated July 12, 2022, with its subsidiary IV Hydreight Inc.and Perihelion Capital Limited (LSE:CAPD) (PCL), a capital pool company listed on the TSXV.
The arm's length reverse-takeover transaction will result in PCL acquiring all of the equity interests of Hydreight, and shareholders of Hydreight receiving shares of PCL in exchange for their holdings in Hydreight.
According to the company, the merger agreement was between PCL, IV Hydreight Inc, VST, 1362795 BC Limited, a wholly owned subsidiary of Victory Square Technologies, and 1203500 BC Limited, a wholly owned subsidiary of PCL. Together the parties will constitute IV Hydreight’s qualifying transaction with Perihelion Capital Limited (LSE:CAPD).
Separately, Perihelion and Hydreight have filed a filing statement regarding the transaction dated November 10, 2022, on PCL’s SEDAR profile.
With mobile medical compliance and technology at its core, Hydreight provides a business model for health professionals, including nurses, and allow such professionals the perks of working for themselves and running their own business.
Hydreight has created a platform for many new medical doctors and healthcare professionals including naturopaths, pharmacists, private nurses, and emergency medical technicians, which enables these professionals to provide services through a centralized booking system. This platform provides the medical professional with access to clients and marketing capabilities for their services, while enabling the professional to forgo certain operating expense.
Vancouver, British Columbia-based Victory Square builds, acquires, and invests in promising startups. Hydreight was acquired by Victory Square on February 10, 2021.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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