| Telenier system
GoTo Global announced on Sunday that it has signed an agreement for strategic investment in the company by ASTARA, one of the largest automotive groups in the world. According to the announcement, ASTARA has signed a binding document for a $ 5 million investment in GoTo.
ASTARA’s investment strengthens GoTo Global’s chances of success in the pre-listing process for listing on the Tel Aviv Stock Exchange as part of the Narhatech Media (TASE 🙂 merger, and in accordance with the terms recently reported by the company at a ratio of 74% to GoTo shareholders and 26% To Narhatech shareholders.
Under the investment agreement, ASTARA will join the preliminary round of funding [Pre-IPO] Of the Company, together with the Company’s existing shareholders, the Ambassador of Automotive Services Group (TASE :), Adam Neumann, the Unger family and other German venture capital funds. The investment greatly enhances GoTo’s financial strength as the fundraising round continues these days.
Against the background of the report on the agreement, the Shagrir share rose 6%, while the Narhatek Media share rose 7.5% during trading on the Tel Aviv Stock Exchange.
In accordance with the investment contract signed, ASTARA will receive, in addition to shares in the company, the right to appoint a board member of the company, the right to offer vehicles for the benefit of the company’s global operations and the right to promote collaborations with the company.
According to Narhatech’s latest reports, Narhatech Media has $ 12 million in cash. At the same time, and according to the Memorandum of Understanding, GoTo commits at least $ 18 million in cash on the closing day, so the merged company will have a total cash of at least $ 30 million. Narhatech also undertakes to sell all or most of its holding in Trinity Audio within 18 months of the closing of the transaction.
GoTo Global (formerly CAR2GO), a pioneer in the cooperative transportation industry in Israel and around the world, which operates on the basis of a unique model of multimodal service that provides a solution for all transportation services through a unified technology platform, will merge into the public company Narhatech Media. The two companies signed a memorandum of understanding according to which after the completion of mutual due diligence and the fulfillment of a number of conditions precedent, a binding agreement will be signed in which all GoTo activities will be merged into Narhatech Media, which is traded on the Tel Aviv Stock Exchange. Upon completion of the transaction, the merged company will be called Goto Global Mobility and its trademark on the stock exchange will change accordingly.
According to Gil Laser, CEO of GoTo,
“Today we are taking another significant step in our journey and making the transportation line accessible to more and more people. The addition of ASTARA, a huge automotive group with vast experience and connections in the automotive world, Cooperative transportation. The revolution that GoTo is making in the world Transportation is resonating around the world as reflected in the increase in the number of subscribers to our service and the joining of many people to the revolution. .
– The article was first published on the Talniri website.
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