April 27 (Reuters) - Life360 Inc LIFX.PK :
* PROPOSED ACQUISITION OF JIOBIT
* ENTERED INTO A NON-BINDING TERM SHEET FOR ACQUISITION OF JIOBIT
* TO BUY JIOBIT FOR UPFRONT CONSIDERATION OF US$37 MILLION WITH POSSIBILITY FOR IT TO INCREASE TO US$54.5 MILLION
* ADDITIONAL PERFORMANCE-BASED CONSIDERATION WOULD BE SOLELY IN FORM OF LIFE360 SHARES.
* LIFE360 SHARES WOULD BE ISSUED AT PRICE EQUIVALENT TO US$7.50 PER CDI
* TOTAL CONSIDERATION MAY RESULT IN ISSUANCE OF UP TO ABOUT 2.42 MILLION SHARES