Lionheart III Corp. (LION) Closes Security Matters Deal

Lionheart III (NASDAQ:LION) announced this morning that it has closed its deal with advanced materials company Security Matters (ASX:SMX).

The business combination was approved by shareholders at a special meeting held on January 30, but LION was unable to close the deal until now.

SMX’s ordinary shares are expected to commence trading on the Nasdaq Global Market, and warrants are expected to commence trading on the Nasdaq Capital Market, on March 8, 2023 under the ticker symbols “SMX” and “SMXWW”, respectively.

The parties announced their $244 million combination on August 26, 2022. Australia-listed Security Matters Limited is developing a hidden chemical-based “barcode” designed to irrevocably mark an object, allowing products and materials to be tracked and scanned to provide more information via blockchain technology.

Security Matters recently filed that it generated total invoices valued at $1.4 million in full year 2022, and it had reduced its quarterly staff costs from about $857,000 in the third quarter of 2022 to $690,000 in the fourth quarter.

ADVISORS

• ClearThink Capital is serving as a financial advisor to SMX.
• EF Hutton, a division of Benchmark Investments, LLC, is serving as financial advisor to Lionheart III Corp.
• K&L Gates, Afik & Co Attorneys & Notary is serving as legal counsel to SMX.
• Arthur Cox LLP is serving as legal counsel to SMX.
• DLA Piper is serving as legal counsel to Lionheart III Corp.
• Futerra will act as SMX’s global brand strategy agency.