Business
Skye Bioscience Closes Acquisition of Emerald Health Therapeutics
San Diego, California--(Newsfile Corp. - November 10, 2022) - Skye Bioscience, Inc. (OTCQB: SKYE) ("Skye" or the "Company"), a pharmaceutical company
About this update from Skye Bioscience, Inc.
[{"type":"text","content":"San Diego, California--(Newsfile Corp. - November 10, 2022) - Skye Bioscience, Inc. (OTCQB: SKYE) (\"Skye\" or the \"Company\"), a pharmaceutical company developing a proprietary, synthetic cannabinoid derivative to treat glaucoma, has concluded the merger transaction with Emerald Health Therapeutics (\"Emerald\"). Both companies' shareholders voted in favor of the transaction and the Supreme Court of British Columbia approved the transaction. On November 7, 2022, Skye and Emerald waived the condition that Skye obtain a conditional approval to list its shares on the Canadian Securities Exchange (\"CSE\") prior to closing the Arrangement. The closing of the Arrangement, among other things, has facilitated the sale of Emerald's remaining cannabis assets and will create funds to be utilized in Skye's Phase 1 clinical trial, which is expected to begin before the end of 2022. As of the date of closing, Skye has entered into agreements to divest certain remaining cannabis assets and licenses, including the Quebec cannabis production facility. Although the conditional listing requirement has been waived, the Company has covenanted that it will use its best efforts to obtain the listing of its shares on the CSE as soon as possible. The Skye listing application was submitted to the CSE on August 31, 2022 and is currently under review. Approval for the Plan of Arrangement was neither sought nor obtained from the CSE and approval, conditional or otherwise, has not been granted by the CSE for the listing of Skye. There is no assurance that any such listing approval will be obtained or the timing of that approval.\nThe common shares of Emerald (\"Emerald Shares\") held by broker dealers will be automatically exchanged for 1.95 shares of Skye, as per the plan of arrangement agreed to between the companies on May 11, 2022, as amended. This will take place over the next three business days. Registered shareholders of Emerald may submit a completed letter of transmittal along with their share certificate to Computershare Investor Services Inc., as per the instructions in the proxy package sent prior to the Emerald shareholder vote, to complete their share exchange.\n\"Completing this merger provides Skye with additional capital to advance its first clinical trials of SBI-100 Ophthalmic Emulsion, starting with our Phase 1 study, for which we expe...