Quantum Energy, Inc. (OTCPK:QEGY) entered into a letter of intent to acquire an unknown majority stake in Inductance Energy Corporation on October 19, 2021. Pursuant to the transaction, Quantum will acquire majority outstanding common stock of Inductance for a purchase price of $2.10 to $5.50 per share. The transaction is subject to entering into a definitive agreement by Quantum and Inductance, completion of satisfactory due diligence and approval of acquisition be each of Quantum and Inductance's respective board of directors and shareholders, if required. The transaction is expected to close on July 12, 2022.