North American organisation Team Reciprocity has entered into a letter of intent with Rainy Hollow Ventures.
Dated February 26th, the letter of intent will see Rainy Hollow Ventures acquire all issued and outstanding securities of Team Reciprocity, resulting in a reverse takeover.
According to the terms and conditions of the letter of intent, Team Reciprocity and Rainy Hallow Ventures will enter into a definitive agreement. The transaction is far from a done deal at the time of writing.
A reverse takeover is a merger which private companies undertake to become publicly traded without delivering an initial public offering.