TenX Keane Acquisition deposited $66,667 into trust from funds provided by merger partner Citius Oncology, to extend their deal deadline to June 18.
This is the second of seven monthly extensions available under their agreement.
TenX Keane earlier this month filed a proxy and prospectus on deal 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 the TenX trust account along with the cash provided by Citius Pharma will be contributed to Citius Oncology to support ongoing operations and planned commercialization efforts.
TenX Keane raised $66 million in an October 2022 IPO. Read more.
