IIOT-OXYS Inc., formerly Gotham Capital Holdings Inc., on Dec. 14 entered into a stock exchange agreement to acquire industrial internet company HereLab Inc., according to a Dec. 18 regulatory filing.
IIOT-OXYS on Oct. 4 executed a letter of intent with HereLab regarding terms of a possible takeover of the internet company.
Under the stock exchange agreement, OXYS will issue an aggregate of 1.6 million shares of its common stock on a pro rata basis to two HereLab shareholders, and HereLab will become a wholly owned subsidiary of IIOT-OXYS.
Patrick Phillips, principal shareholder of HereLab, will become vice president of product management at IIOT-OXYS when the transaction is completed. Phillips will receive 1.5 million of the shares issued in the exchange transaction.
The two companies expect to close the transaction on or before Dec. 31.