(RTTNews) - Wednesday, IM Cannabis Corp. (IMCC) announced a non-binding Letter of Intent to acquire 51% of the issued and outstanding equity securities of Space Defense Innovations LLC on a fully diluted basis. Following this announcement, shares of IM were surging 103.34 percent, to $8.44 before the bell on the Nasdaq. As per the terms of the deal, the consideration will be a combination of IMCC common shares and/or pre-funded warrants, plus a 24-month seller loan bearing 9% annual interest with 100% warrant coverage on the principal.
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