Post by TheBridgeon Feb 24, 2025 9:56pm
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Post# 36467182
Latest Info
Latest InfoSolvonis Therapeutics lays out roadmap for Awakn Life Sciences acquisiton. (Feb. 24, 2025)
- SVNS has formalized its plans to acqure Awakn Life Sciences, signing an agreeement that lays out how the transaction will take place.
- It values Awakn at approx. 5m pounds, with Solvonis set issue over two billion new shares to fund the transaction.
- Under the terms, Awakn shareholders will receive 46.67 new Solvonis shares for every Awakn share that they hold.
- The deal is subject to several key approvals. Awakin shareholders must approve the acquisition at a special meeting, where at least two-thirds of votes must be in favour.
- The Supreme Court of British Columbia must also give its approval, and regulatory clearance is required from the CSE and the UK Financial Conduct Authority.
- Awakn will soon send an information circular to its shareholders, outlining the full deatails of the transaction and seeking commitments from key investors to support the takeover.
- If all approvals are secured, Solvonis expects to complete the acquisition in the second quarter.
- In the same announcement, Solvonis published it's nine month results for the period ended September 30, which revealed it made an operating loss of just over 1 million pounds - reflecting its investment in R&D. It ended the period with 940,000 pounds in cash.
So we should soon be receiving our circulars.