Aditxt Announces Closing of $11 Million Registered Direct Offering, and Funding of Bridge Loan Satisfying a Key Term of its Letter of Intent for Planned Acquisition of Commercial Stage Pharma Company with Anti-Viral COVID-19 Therapy
September 07 2021 - 9:15AM
Business Wire
Aditxt, Inc. (Nasdaq: ADTX), a biotech innovation company with a
mission to improve the health of the immune system, today announced
it has closed on a registered direct offering for $11 million
announced on August 26, 2021 and funded a bridge loan to its
acquisition target, satisfying a key term of the Letter of Intent
(LOI). Additionally, the Company entered into an agreement with the
holder of its outstanding convertible note, whereby the parties
agreed to waive certain rights with respect to the convertible note
and modify certain provisions of the warrants held by the holder,
and pursuant to which the Company can satisfy the note through a
combination of the issuance of shares and a cash payment by October
15, 2021, giving it the opportunity to clear the path for the
Company’s planned acquisition.
Aditxt is advancing its negotiations and due diligence under an
exclusive LOI to reach a definitive agreement to acquire a
biopharmaceutical company that is commercializing a COVID-19
antiviral oral therapy by September 30, 2021.
The acquisition transaction is subject to numerous conditions,
including satisfactory due diligence, the negotiation and execution
of definitive agreements, and other closing conditions, including
board and shareholder approval and approval by Nasdaq of the
listing of shares proposed to be issued in the transaction. The
parties have agreed to an exclusivity period until September 30,
2021, with a view to settling the definitive agreement. However,
there can be no assurance that a definitive agreement will be
entered into or that the proposed acquisition will be completed as
proposed or at all.
The proposed transaction contemplates Aditxt issuing such number
of shares of common stock that yields 50% of the number of Aditxt’s
outstanding shares post-closing of the transaction.
“We are working diligently to reach a definitive agreement with
this acquisition candidate which we believe is a strong synergistic
fit with Aditxt’s immune health technology and particularly our
COVID-19 monitoring test. The acquisition would potentially grow
our immune innovation platforms and further advance our
commercialization and revenue generating activities,” stated Aditxt
Co-Founder and CEO Amro Albanna.
About Aditxt:
Aditxt is developing technologies specifically focused on
improving the health of the immune system through immune monitoring
and reprogramming. Aditxt’s immune monitoring technology is
designed to provide a personalized comprehensive profile of the
immune system. Aditxt’s immune reprogramming technology is
currently at the pre-clinical stage and is designed to retrain the
immune system to induce tolerance with an objective of addressing
rejection of transplanted organs, autoimmune diseases, and
allergies. For more information, please visit: www.aditxt.com
Forward-Looking Statements
Certain statements in this press release constitute
“forward-looking statements” within the meaning of federal
securities laws. Forward looking statements include statements
regarding the Company’s intentions, beliefs, projections, outlook,
analyses or current expectations concerning, among other things,
the Company’s ongoing and planned product and business development;
the Company’s intellectual property position; the Company’s ability
to develop commercial functions; expectations regarding product
launch and revenue; the Company’s results of operations, cash
needs, spending, financial condition, liquidity, prospects, growth
and strategies; the industry in which the Company operates; and the
trends that may affect the industry or the Company. Forward-looking
statements are not guarantees of future performance and actual
results may differ materially from those indicated by these
forward-looking statements as a result of various important
factors, as well as those risks more fully discussed in the section
titled “Risk Factors” in the Company’s most recent Annual Report on
Form 10-K, as well as discussions of potential risks,
uncertainties, and other important factors in the Company’s other
filings with the Securities and Exchange Commission. All such
statements speak only as of the date made, and the Company
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210907005546/en/
Investor Relations Contact: Aditxt, Inc.
ir@aditxt.com
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