11:20 AM EDT, 06/05/2024 (MT Newswires) -- XTL Biopharmaceuticals (XTLB) said Wednesday it has signed an agreement to acquire The Social Proxy, a web data company.

XTL said it will pay $430,000 to Social Proxy shareholders, and issue American depositary shares representing nearly 44.6% of its issued and outstanding share capital through a private placement.

As part of the transaction, Social Proxy's shareholders will also receive additional warrants tied to financial milestones achievable within three years post-closure of the deal. The company will manage Social Proxy as its wholly-owned subsidiary, XTL said.

The company said it secured a commitment of $1.5 billion through a private placement to complete the transaction.

Shares of XTL Biopharmaceuticals were up 2.1% in recent trading.

Price: 2.50, Change: +0.05, Percent Change: +2.08