AS Industries Cameroon (ASIC) entered into a binding letter agreement to acquire AXM Pharma, Inc. (OTCPK:AXMP) from Palewater Global Management Inc. and others in a reverse merger transaction on June 14, 2018. AS Industries Cameroon entered into an asset purchase agreement to acquire AXM Pharma, Inc. (OTCPK:AXMP) from Palewater Global Management Inc. and others in a reverse merger transaction on September 12, 2018. Under the terms of agreement, ASIC will hold 70% control of AXM Pharma. Pursuant to the execution of the asset purchase agreement, on September 12, 2018, a total number of 10 billion restricted shares of the common stock of AXMP were issued to Palewater Global, which shares represent 99% of the total outstanding stock of AXM Pharma in exchange for 100% of Aaron Sparks Industries Cameroon S.A. As a part of transaction, existing shareholders of the AXM Pharma will hold post-consolidated AXM Pharma Shares. The surviving entity will be named Aaron Sparks Industries Inc. Effective June 25, 2018, Mandla J. Gwadiso, newly appointed Chairman and Chief Executive Officer of AXM Pharma has stepped down and Emmanuel Neossi has been appointed as the new Chairman of the Board effective immediately. The completion of transaction is subject to a number of conditions, including completion of merger, receipt of all necessary shareholder/shareholding and regulatory approvals, the execution of related/applicable transaction documents, approval of the SEC and FINRA for the business combination and change of name. In connection with the transaction, AXM Pharma will be required to, amongst others: (i) change its name to a name requested by AS Industries Cameroon and acceptable to applicable regulatory authorities (ii) consolidate/consolidation of its outstanding AMX PHARMA Shares on a basis to be determined (iii) replace all directors and officers of the AXM Pharma on closing of the proposed transaction with nominees of ASIC (iv) create a new class of non-participating super voting shares that would be issued to the founder of ASIC, Emmanuel Neossi, under the proposed transaction. The transaction is accretive to the current shareholders of AXM Pharma. Palewater Advisory Group Inc. acted as financial advisor to Emmanuel Neossi, owner of ASIC. AS Industries Cameroon completed the acquisition of AXM Pharma, Inc. (OTCPK:AXMP) from Palewater Global Management Inc. and others in a reverse merger transaction on October 4, 2018.