TenX Keane Acquisition in a proxy seeks an initial three month extension from Jan. 18 to April 18, with up to seven additional monthly extensions at the sponsor’s discretion up to Nov. 18. A shareholder vote is scheduled for Jan. 17.
TenX Keane in October announced a definitive agreement to combine with Citius Pharma’s wholly owned subsidiary, Citius Oncology. If approved, the merged company would list on the Nasdaq.
Upon closing Citius Pharma would receive 67.5 million shares in Citius Oncology at $10 per share and retain majority ownership of approximately 90%.
As part of the transaction, Citius Pharma would contribute $10 million in cash to Citius Oncology. An additional 12.75 million existing options will be assumed by Citius Oncology. At closing, any cash remaining in TenX’s trust account along with the cash provided by Citius Pharma will be contributed to Citius Oncology to support ongoing operations and planned commercialization efforts.
The transaction had been expected to close in the first half of 2024.
TenX Keane raised $66 million in an October 2022 IPO. Read more.
