Business
Electro-Sensors and Mobile X Global Announce Merger
Public company to launch Mobile X, a disruptive new wireless service provider MINNETONKA, Minn. and LOS ANGELES, June 13, 2022 /PRNewswire/ --
About this update from Electro-sensors, Inc.
[{"type":"text","content":"Public company to launch Mobile X, a disruptive new wireless service provider\nMINNETONKA, Minn. and LOS ANGELES, June 13, 2022 /PRNewswire/ -- Electro-Sensors, Inc. (Nasdaq: ELSE), a leader in industrial monitoring systems, and Mobile X Global, Inc., one of the world's first connectivity-as-a-service companies, announced today that they have entered into definitive agreements to merge and re-name the combined company Mobile X Global, Inc.\n\n \n \n \n \n \n \n\n \nMobile X Global, Inc. will launch Mobile X, a new wireless brand positioned to disrupt the wireless industry. The merger partners also expect Mobile X Global's cloud-native platform to enable synergies between Mobile X and Electro-Sensors' wireless industrial sensor business. \nThe definitive merger agreement and related transactions have been approved by each company's board of directors and are subject to approval by the shareholders of each company. The directors, officers, and major shareholders of each company, who collectively own a majority of the shares of each company, have entered into agreements obligating them to approve the transactions.\nShares of the combined company are expected to continue to trade on the Nasdaq Capital Market under the ticker symbol \"MOBX\" upon closing of the merger, expected in the third quarter of 2022.\nLaunch of Mobile X\nIn October 2021, Mobile X Global announced a network access agreement to enable the launch of a new AI-powered mobile business for wireless customers. The company will use its proprietary CaaS-AI (Connectivity-as-a-Service-AI) cloud-native platform, XO.1, and its network agreement, to provide personalized wireless data, voice, and messaging services, initially to customers nationwide across the U.S., with a commercial launch expected later this year. The company expects to further expand internationally under the Mobile X brand, leveraging the XO.1 platform capabilities to create a seamless global connectivity experience for its customers.\nMobile X intends to employ artificial intelligence, machine learning, and real-time usage information to learn each customer's unique connectivity requirements and provide optimized individual pricing, supported by a premier app-enabled experience. The seamless experience and potential cost savings for the majority of customers are expected to lead the industry, enabling cu...