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Appili Therapeutics Announces Formal Termination of Arrangement Agreement with Aditxt Inc.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
About this update from Appili Therapeutics Inc Class A
[{"type":"text","content":"Appili Therapeutics Announces Formal Termination of Arrangement Agreement with Aditxt Inc.\n\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n \n\n\n HALIFAX, Nova Scotia, May 30, 2025 (GLOBE NEWSWIRE) -- Appili Therapeutics Inc. (TSX: APLI; OTCPink: APLIF) (the “\n \n Company\n \n ” or “\n \n Appili\n \n ”), a biopharmaceutical company focused on drug development for infectious diseases and medical countermeasures, today announced that, in response to the notice received from Aditxt Inc. (“\n \n Aditxt\n \n ”) on May 17, 2025, the Company has delivered formal notice to Aditxt to terminate the arrangement agreement (the “\n \n Arrangement Agreement\n \n ”) dated April 1, 2024 (as amended) between the Company, Aditxt and its wholly-owned subsidiary, Adivir, Inc. (“\n \n Adivir\n \n ”). Such termination is effective as of May 30, 2025.\n \n\n Under the Arrangement Agreement, the Company is entitled to a termination fee (the “\n \n Termination Fee\n \n ”) in the amount of USD$1,250,000 payable by Aditxt. This Termination Fee has been reduced by certain amounts previously paid to the Company by Aditxt to extend the outside date under the Arrangement Agreement. As of the date hereof, the amount of US$1,000,000 remains payable to Appili on account of the Termination Fee.\n \n\n\n Lender Extensions\n \n\n\n In connection with the termination of the Arrangement Agreement, Appili has secured 3-month extensions to the amounts due under each of (1) the amended and restated secured loan agreement with Long Zone Holdings Inc. (the “\n \n LZH Loan\n \n ”), and (2) the unsecured promissory notes with Bloom Burton & Co. Inc. (the “\n \n Bloom Burton Loan\n \n ”). Pursuant to the terms of such extensions, all amounts owing under the LZH Loan and the Bloom Burton Loan, together with all accrued and unpaid interest, will be due on August 31, 2025.\n \n\n\n About Appili Therapeutics\n \n\n\n Appili Therapeutics is an infectious disease biopharmaceutical company that is purposefully built, portfolio-driven, and people-focused to fulfill its mission of solving life-threatening infections. By systematically identifying urgent infections with unmet needs, Appili’s goal is to...