Awakn Life Sciences Corp (CSE: AWKN) (OTCQB: AWKNF) revealed it would certainly be gotten by Graft Polymer (UK) PLC with Graft obtaining every one of the business’s shares in a bargain valued at C$ 8.8 million.
Graft is a UK-based biotechnology business detailed on the London Stock Exchange under the icon “GPL” and is presently concentrated on creating copyright and co-developing therapies for psychological health and wellness and compound utilize conditions. In July 2024, Awakn revealed that it had actually become part of an industrial partnership contract with Graft Polymer establishing the ultimate procurement.
“This proposed acquisition by Graft Polymer marks a significant milestone for Awakn Life Sciences and our mission to provide breakthrough therapeutics for substance use and other mental health disorders. We have had a significant portion of our operations in the UK for the entire life of our business and following the completion of the Proposed Transaction, Awakn will have access to the UK’s deep pool of liquidity as well as the international investor base positioned in London. We believe this transaction will create long-term value for our shareholders and provide new opportunities for growth and collaboration.” specified George Scorsis, Chairman of the Board of Directors and Special Committee.
According to the declaration, each Awakn investor will certainly obtain 46.67 average shares in Graft for each and every share held. All provided and superior Common Share acquisition warrants will be exchanged or traded for brand-new average share acquisition warrants. The bargain is anticipated to nearby June 2025.
Dennis Purcell, Chairman of Graft Polymer, claimed, “This proposed acquisition marks an important milestone for Graft Polymer as we broaden our focus to address the pressing global challenges of addiction and mental health disorders. Awakn’s advanced research and clinical programs offer the potential to develop more effective and accessible treatments for these critical areas of need. We believe this strategic move will not only drive value for our shareholders but also contribute meaningfully to improving the lives of millions impacted by these conditions.”
Anthony Tennyson, the Chief Executive Officer and a supervisor of Awakn was additionally selected as Graft’s part-time Chief Executive Officer and to its board of supervisors in May 2024. Due to these placements, the declaration claimed that Tennyson recused himself from the ballot.
Troubled background
As of October 31, 2024, Awakn had actually not yet attained successful procedures and had actually gathered losses of C$ 32,247,049 and complete obligations of C$ 2.1 million. The business’s bottom line in one of the most current quarter was C$ 376,126 and had little earnings to report. The business offered its Norway companies in 2023.
