You look attractive, QuasarEdge signs letter of intent to acquire Robseek Intelligence

QuasarEdge Acquisition Corporation (QRED) entered into a non-binding letter of intent to pursue a potential business combination with Robseek Intelligence Inc., according to a company statement.

Robseek operates an infrastructure platform that combines devices, data, artificial intelligence and services. The company focuses on smart device distribution and AI-driven networks, beginning operations in the Middle East with its NOVA AI advertising platform and ALIF AI smartphones.

The preliminary terms outline a potential share-for-share exchange where QuasarEdge would acquire 100% of Robseek’s equity. The letter of intent contemplates an exchange ratio of one QuasarEdge share for each Robseek ordinary share, which could result in issuing approximately 100 million QuasarEdge shares based on an assumed $10.00 per share value.

“This letter of intent represents an important first step in our strategy to bring this AI-driven infrastructure platform company to the public markets,” said Qi Gong, Chief Executive Officer of QuasarEdge.

Meng Tang, Chief Executive Officer of Robseek, stated the company was pleased to enter the non-binding agreement as it pursues public market access.