Cycliq Group Limited (ASX:CYQ) executed a binding Terms Sheet to acquire AIRhub business and patents from Terrain Dynamics Pty Ltd and Michael Freiberg for AUD 0.56 million on December 17, 2020. Under the terms of the acquisition, total consideration of AUD 5 million is satisfied by a cash payment of AUD 0.25 million and issue of 125 million shares, subject to escrow, if the Vendors provide written evidence to Cycliq that a party that the Vendors have nominated to receive some or all of the consideration shares will receive such consideration shares towards repayment of a debt due and payable by the Vendors to a related party of the Vendors: 6 months from the date of issue or 12 months in any other case from the date of the issue. Cycliq executed a mandate with Merchant Capital Partners Pty Ltd to issue approximately 209 million ordinary shares (Placement Shares) at an issue price of AUD 0.002 to raise AUD 0.418 million (Placement) before costs. Funds raised under the Placement will be used towards inventory purchases, working capital and subject to the other conditions precedent required to complete the acquisition, the cash costs associated with the acquisition. Paul Claessen and Ben Hammond will be stepping down from their positions as Co-Chief Executive Officers of Cycliq, effective February 15, 2021. Paul Claessen and Ben Hammond remain significant and supportive shareholders of Cycliq. Transaction is subject to parties entering into a formal agreement on terms materially consistent with the binding terms sheet, completion of the Placement, any necessary third party consents and approvals required to give effect to the transfer of assets, the receipt of shareholder approval for the issue of the consideration shares and performance rights, Michael Freiberg entering into an employment agreement with Cycliq in the position of Chief Product Officer(Employment Agreement). Cycliq Group Limited (ASX:CYQ) cancelled the acquisition of AIRhub business and patents from Terrain Dynamics Pty Ltd and Michael Freiberg on June 4, 2021.