StockMarketWire.com - Dev Clever said it had amended the terms of its acquisition of Veative, and added that ongoing Covid restrictions in India were delaying completion of the deal.

Under the amended terms, Dev Clever would now issuance 175 million new shares to acquire Veative with no earn out provision.

The company previously agreed to issuance of 150 million shares, and pay VLPL CEO Ankur Aggarwal an additional 30 million ordinary shares as an earnout.

This reflected the 'progress in delivering key milestones that have already been achieved in entering the Indian market,' the company said.

'It has also been agreed that the call option over certain Veative immersive educational materials that are bespoke to the Indian market will now be able to be exercised after 13 April 2022,' it added.

This process toward deal completion has been 'elongated, inter alia, by the COVID related restrictions that were in place in India earlier this year and the parties remain committed to closing the transaction as soon as practically possible,' the company said.


Story provided by StockMarketWire.com