Solbright Group, Inc. (OTCQB: SBRT), an industrial AI, machine learning and energy management company, and M2M Spectrum Networks, LLC, a dedicated IoT network access and IoT solutions company, have announced the signing of a merger agreement creating the first publicly traded, pure-play, fully featured IoT network operating company in the US, the companies said.
The merger follows Solbright and M2M´s June partnership announcement, offering a comprehensive, next-generation Smart Facilities line of products and services, called SF Net, which includes security, asset tracking, facilities management, energy management, predictive maintenance and more.
Under the terms of the Agreement and Plan of Merger and Reorganization executed on July 30th, 2018, Spectrum Networks Group, LLC, the majority owner of M2M, will convert its previously announced USD 5 million investment into Solbright common stock at USD 1.00 per share.
Solbright will acquire 100 percent of M2M in accordance with a share exchange in which approximately 143.27 million shares of common stock will be issued to the equity owners of M2M plus warrants to acquire an additional approximate 11.99 million shares of common stock. M2M is also bringing significant additional funding capability over the next 18 months from its ongoing Spectrum Partners Program, which Iota intends to utilize going forward.
The parties expect the closing to take place in early September 2018.
