Business
Citius Pharmaceuticals Announces TenX Keane Shareholder Approval of Merger with Citius Oncology, Inc.
Citius Pharmaceuticals to receive 65.6 million shares of TenX Keane, which will be renamed Citius Oncology, Inc. Citius Pharmaceuticals to retain
About this update from Citius Pharmaceuticals, Inc.
[{"type":"text","content":"Citius Pharmaceuticals to receive 65.6 million shares of TenX Keane, which will be renamed Citius Oncology, Inc.\nCitius Pharmaceuticals to retain approximately 90% majority control post transaction \nPost-merger company expected to trade on Nasdaq as Citius Oncology, Inc. \nTransaction expected to support commercialization of LYMPHIR, if approved, and exploration of additional oncology assets\nCRANFORD, N.J., Aug. 5, 2024 /PRNewswire/ -- Citius Pharmaceuticals, Inc. (\"Citius Pharma\" or the \"Company\") (Nasdaq: CTXR), a late-stage biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products, today announced that shareholders of TenX Keane Acquisition (\"TenX\") (Nasdaq: TENK), a publicly traded special purpose acquisition company, have voted to approve the previously announced business combination with Citius Pharma's oncology subsidiary. The newly combined public company will continue to trade on the Nasdaq stock exchange and is to be renamed Citius Oncology, Inc. (\"Citius Oncology\").\nThe transaction has been unanimously approved by the Board of Directors of both companies and Citius Pharma. Subject to certain contractual as well as customary closing conditions, the merger is expected to be completed in the coming weeks. \nThe transaction is expected to provide Citius Oncology with improved access to the public equity markets, support the commercialization of LYMPHIR, if approved, and position the company to explore additional targeted oncology opportunities. \n\"We look forward to closing this transaction in the coming weeks and unlocking and growing the value of our oncology asset,\" stated Leonard Mazur, Chairman and CEO of Citius Pharma.\nAbout the Merger\nPursuant to the proposed agreement, TenX will acquire Citius Pharma's wholly owned subsidiary via a merger, with the newly combined publicly traded company to be named Citius Oncology, Inc. In the transaction, all shares of Citius Pharma's wholly owned subsidiary would be converted into the right to receive common stock of Citius Oncology. As a result, upon closing, Citius Pharma would hold approximately 65.6 million shares of common stock of Citius Oncology which would represent approximately 90% of the newly public company. As part of the transaction, Citius Pharma will contribute $10 million in cash to Citi...