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Benzinga

Shivani Kumaresan

Medigus Unit Charging Robotics Inks LOI To Complete Reverse Merger With Fuel Doctor

Israel-based Medigus Ltd (NASDAQ:MDGS) and its wholly-owned subsidiary, Charging Robotics, have signed a non-binding letter of intent for a planned securities exchange agreement with Fuel Doctor Inc (OTC:FDOC).
The transaction will result in Charging Robotics becoming a wholly-owned subsidiary of Fuel Doctor.
In exchange, Medigus will receive 80% of the issued and outstanding share capital of Fuel Doctor. Medigus will appoint nominees as officers and directors of Fuel Doctor.
Charging Robotics is developing an automatic wireless charging system dedicated to public parking lots.
Price Action: MDGS shares are trading higher by 3.52% at $1.03 on the last check Friday.

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