Rail Vision Inks Term Sheet To Buy 51% Of Quantum Transportation

(RTTNews) - Rail Vision Ltd. (RVSN) said on Thursday that it has inked a term sheet to acquire 51% of Quantum Transportation Ltd., a quantum computing and AI specialist.

"Through this potential transaction, Rail Vision and Quantum Transportation aim to combine quantum-AI based IP protected, innovation with Rail Vision's advanced vision and safety technologies, creating potential synergies that will enhance Rail Vision's existing and future product lines," Rail Vision said.

Under the terms, Rail Vision will issue shares representing around 4.99% of its share capital to Quantum shareholders in exchange for their full holdings in Quantum.

In addition, upon the closing of the acquisition, Rail Vision will extend a convertible loan of up to $700,000 to Quantum at an 8% annual interest rate to support ongoing operations and development.

The transaction is conditioned on signing deals and key milestones and is expected to close within the next 60 days.

RVSN was up by 8.33% at $0.730 in the pre-market trade on the Nasdaq.