Business
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
RICHMOND, Va.--(BUSINESS WIRE)-- Aditxt, Inc. (Nasdaq: ADTX), a biotech innovation company with a mission to improve the health of the immune system, today
About this update from Aditxt, Inc.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nAditxt, 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.\n\nAditxt 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.\n\nThe 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.\n\nThe 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.\n\n“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.\n\nAbout Aditxt:\n\nAditxt is developing technologies specifically focused ...