GMEX Robotics (GMEX) said Monday it has signed a letter of intent to acquire a stake in a California-based robotics company focused on physical AI connectivity services and wireless systems-on-chip technology for autonomous systems.

GMEX said the acquisition would integrate wireless connectivity technology, embedded intelligence, and production-ready intellectual property into its robotics ecosystem and remove critical wireless bottlenecks in autonomous robot fleets.

The letter of intent is non-binding and any deal would be subject to due diligence, final terms and other regulatory and shareholder approvals, GMEX said.

GMEX Robotics shares were up 21% in Monday's premarket activity.