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TEL AVIV - Viewbix Inc. (NASDAQ:VBIX) announced Wednesday it has completed the sale of its Cortex Media Group Ltd. subsidiary to Pro Sportority (Israel) Ltd., a unit of sports content company Minute Media Inc. The transaction comes as VBIX shares trade at $2.01, down nearly 65% over the past year according to InvestingPro data.
The transaction aligns with Viewbix's previously disclosed strategy to expand beyond its digital advertising operations into high-growth sectors, according to a company press release.
Last week, Viewbix revealed plans to enter the quantum computing field through a potential acquisition of Quantum X Labs Ltd., for which it signed a non-binding term sheet. The acquisition remains subject to definitive agreements and closing conditions.
Minute Media, which holds publishing rights to Sports Illustrated, operates several sports content brands including The Players' Tribune, FanSided, and 90min. The company reports reaching 200 million monthly users across 14 global markets.
Viewbix currently operates in digital advertising through its subsidiaries Gix Media Ltd. and Metagramm Software Ltd. Gix Media develops software for automation and monetization of internet campaigns, while Metagramm creates grammar correction software using artificial intelligence.
The company stated it will file additional transaction details in a Current Report on Form 8-K with the Securities and Exchange Commission.
In other recent news, Viewbix Inc. has announced several significant developments. The company revealed it has secured a $3 million private placement, issuing approximately 800,000 units and pre-funded units at a price of $3.75 per unit. This private placement is priced above the company's November 4 closing share price. Each unit includes one common share and a warrant exercisable at $5.625, with a five-year term. Concurrently, Viewbix has signed a non-binding term sheet to acquire Quantum X Labs Ltd., a quantum computing and AI company. The acquisition would involve exchanging shares of common stock and pre-funded warrants, which would represent 65% of Viewbix's total post-closing share capital. The transaction is expected to close in December 2025, pending shareholder approval and the execution of definitive agreements. These recent developments highlight Viewbix's strategic moves in both financing and acquisitions.
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