BiomX Subsidiary Eyes 51% Stake in RT LTA Systems via Option Deal
BiomX Inc. announced that its wholly owned subsidiary, Tessera Israel, has entered into an Option Agreement with X S.E. Security and Defense Ltd. to potentially acquire 51% of RT LTA Systems Ltd., a developer of tethered aerostat systems. The agreement grants Tessera Israel the right, exercisable within 90 days, to purchase the shares, subject to due diligence and regulatory approvals. An initial $1,000,000 option consideration is payable, which will be credited towards the purchase price if the option is exercised. The purchase price is determined by RT's equity value, calculated as the lower of $13,000,000 or a multiple of its average EBITDA and revenue over fiscal years 2026-2028. Payment can be made in cash, BiomX common stock, or a combination. The agreement also includes a perpetual license of RT's technology to Tessera Israel.
Key Highlights
- BiomX Inc. subsidiary Tessera Israel enters an Option Agreement to potentially acquire 51% of RT LTA Systems Ltd.
- The Option Agreement grants Tessera Israel the right, but not the obligation, to purchase all of X SE's shares in RT.
- An initial Option Consideration of $1,000,000 is payable within 30 days, creditable against the purchase price.
- The Purchase Price is 51% of RT's equity value, defined as the lower of $13,000,000 or a multiple of average EBITDA and revenue for FY26-28.
- Upon exercise, Tessera Israel will pay $2,000,000, including the Option Consideration, with the balance payable in installments.
- Tessera Israel can elect to pay the Purchase Price in cash, BiomX common stock, or a combination.
- X SE must cause RT to enter into a perpetual, non-exclusive license of RT's technology with Tessera Israel.
- The Option must be exercised within 90 days, subject to due diligence and regulatory approvals.
Price Impact
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