Tel Aviv, Israel–(Newsfile Corp. – March 5, 2020) Israeli Technology company, PAI-TECH, has cancelled its acquisition with its parent group, Horizons Holdings, Inc. HZHI.
Announced in December 2019, the acquisition by Horizons Holdings had become one of several controversies centring on Horizon Holdings inability to file financial disclosures, transfer financing timely and communicate with staff.
In a statement today, PAI-TECH stated its acquisition by Horizons Holdings had been terminated following “arm’s length negotiations” between the concerned parties.
In today’s statement, The Horizons Holdings acquisition had been terminated “to further minimize the amount of connected transaction” between the two entities.
It went on to say that termination of the deal would allow PAI-TECH to draw on a wider pool of investors and customers to “enhance the flexibility of its core technology business”.