TenX Keane Acquisition filed a proxy and prospectus on its proposed merger with Citius Oncology, a subsidiary of Citius Pharma.
Terms call for the target to receive 67.55 million shares and to retain 90% ownership.
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.
