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Merger Agreement with Mobile X Global, Inc.
9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Merger Agreement with Mobile X Global, Inc.
Note 5. Merger Agreement with Mobile X Global, Inc. 

 

On June 10, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Mobile X Newco, Inc., a Delaware corporation, a wholly owned subsidiary of the Company (the “Merger Sub”), and Mobile X Global, Inc., a Delaware corporation (“Mobile X”).

 

On January 30, 2023, the Company and Mobile X terminated the Merger Agreement.  A condition to the closing of the merger transaction was the consummation of an equity financing that the parties anticipated would be a PIPE investment (private investment in public entity).  The financing necessary to consummate the merger was pursued but was not available due to difficult conditions in the financial markets, including the markets for PIPE investments.