AI Stock News Bite – XTL Biopharmaceuticals (NASDAQ: XTLB) Rises on News of Entering AI Space with SOCIAL PROXY


March 20, 2024 ( Newswire) ( AI Stock News Bite – XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB), an IP portfolio company makes the NASDAQ top gainers list as it adds AI to its portfolio. The stock is trading at $2.0017, gaining $0.9717, up 94.3398%. The stock had a morning high of $2.76.

The AI retail investor frenzy continues in the lower priced stocks as investor look for the next hot play. The stock has traded over 8 Million shares so far compared to its average daily volume of just under 4000 shares.


XTL announced that it has entered into a binding term sheet with THE SOCIAL PROXY Ltd., a cutting edge web data company, developing and powering a unique ethical, IP based, proxy and data extraction platform for AI & BI Applications at scale (the “Term Sheet”).

Pursuant to the Term Sheet, the Company will acquire all of the issued and outstanding share capital of Social Proxy on a fully diluted basis (the “Transaction”) in exchange for the issuance by the Company to the shareholders of the Social Proxy, by way of a private placement, such number of ADS’s of the Company, representing immediately after such issuance, 44.6% of the issued and outstanding share capital of the Company and the payment of US$430,000 to the shareholders of the Social Proxy.

In addition, as part of the Transaction, the shareholders of Social Proxy will be issued additional warrants, which may only be exercised upon reaching certain financial measured milestones within a period of up to three (3) years from the closing of the Transaction.


The proposed Transaction is part of the Company’s strategy to expand its assets portfolio with high potential assets.

In order to support the Company’s financial needs and in order to complete the Transaction, the Company has secured a commitment of an investment at an amount of US$1,500,000 through a private placement to be consummated upon the closing of the Transaction (the “Private Placement”). In exchange for the investment in the Private Placement, the investors will be issued 1,500,000 units consisting of one ADS and one warrant, such warrant may be exercised during a period of five years from its issuance into one ADS at an exercise price of US$1.20 per warrant. The Investment is conditioned upon obtaining shareholders’ approval as Mr. Alexander Rabinovich, a 23.5% shareholder and a director of the Company, is one of the investors in this Private Placement.

Social Proxy will operate as fully owned subsidiary of the Company and its shareholders will be entitled to appoint two (2) representatives to the Company’s board of directors out of a total of up to seven (7) directors.


The completion of the Transaction is subject to negotiation of definitive agreements, containing representations, warranties and covenants as well as the satisfaction of various conditions required prior to closing, all as are customary for transactions of this nature, including, without limitation, the satisfaction of the Company, in its sole discretion, of a due diligence into Social Proxy, the approval of the Transaction by the Company’s shareholders and receipt of necessary government or third-party approvals, if required.

Shlomo Shalev, CEO of XTL commented: “We are pleased to add the Social Proxy into our asset portfolio and believe that it will add great value to our company and shareholders. In our search for new IP based assets to XTL we have identified the AI Web Data as a high growth market and we are actively looking for additional assets. We are excited to add the Social Proxy technology to XTL.

Read the company’s full news and disclaimer here:

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