Ceapro Inc V.CZO

Pro-forma financials

[lscfa]

Gagnon blew $6.7M of cash on this lousy merger......

4 (d) To reflect the payment of $2,766,181 estimated non-recurring incremental transaction costs of Ceapro, including banking, printing, legal and accounting services which are incremental cost of the Transaction, that are not recorded in its September 30, 2023 financial statements as an increase to general and administrative expense as if the transactions had occurred on September 30, 2023. The transaction is not expected to have a recurring impact. 

 

4 (e)    To reflect the payment of $3,949,398 estimated non-recurring incremental transaction costs of Aeterna Zentaris, including banking, printing, legal and accounting services which are incremental cost of the Transaction, that are not recorded in its September 30, 2023 financial statements as an increase to general and administrative expense as if the transactions had occurred on September 30, 2023. The transaction is not expected to have a recurring impact. 

 

[lscfa]

That's $6.7M additional cash blown. CZO has already spent $1.5M on legal for 9 months ended Sept 30/23

[Ciao]

There would be likely grounds for a lawsuit.

[Ciao]

Now I understand the sense of desparation in the NR today where an anonymous director asks to vote yes as time is short. The costs for this M&A seem very high. https://www.ey.com/en_us/strategy-transactions/four-current-trends-estimating-mergers-acquisitions-integration-costs#:~:text=M%26A%20transaction%20costs%20can%20range,according%20to%20the%20EY%20analysis. does 4(e) indicate we are