- Aditxt (NASDAQ:ADTX) on Tuesday said it has entered into an agreement to acquire Appili Therapeutics (TSX:APLI:CA), a biopharmaceutical company focused on drug development for infectious diseases and medical countermeasures.
- Under the agreement, Aditxt’s wholly owned subsidiary, Adivir agreed to acquire all issued and outstanding Class A common shares of Appili through a court-approved plan of arrangement under Canada Business Corporations Act.
- Under the terms of the agreement, Adivir will acquire all of the issued and outstanding Appili shares, with each Appili shareholder receiving 0.002745004 of a share of common stock of Aditxt and $0.0467 for each Appili share held, representing total consideration per Appili share of approximately $0.0561 based on the closing price of Aditxt stock on March 28.
- After giving effect to the transaction, Appili Shareholders will hold approximately 19.99% of the issued and outstanding Aditxt Shares.
- The transaction is conditional upon Aditxt raising at least $20 million in financing prior to closing.
- Closing is expected to occur not later than early Q3.
- The arrangement agreement also provides for paying a termination fee of Cdn$1.25 million in certain circumstances.
- ADTX +2.45% premarket to $3.258.
- Source: Press Release
More on Aditx Therapeutics, Appili Therapeutics, etc.