11:32 AM EDT, 06/06/2024 (MT Newswires) -- Xylo Technologies ( XYLO ) said Thursday that Gix Internet signed a nonbinding memorandum of understanding to acquire an unnamed robotics company.

Xylo ( XYLO ) said it owns nearly 46% of Gix Internet.

The shareholders of the robotics company will exchange all of their shares for 30% of the issued and outstanding Gix Internet's ordinary shares. They also have the option to raise their holdings to nearly 38% and 45% of the issued and outstanding shares of Gix Internet, subject to the completion of two separate commercial milestones, Xylo ( XYLO ) said.

The robotics company will become a wholly-owned unit of Gix Internet upon completion of the proposed deal, Xylo ( XYLO ) said.

Shares of Xylo ( XYLO ) jumped 9.2% in recent Thursday trading.

Price: 1.93, Change: +0.17, Percent Change: +9.24