Nanobac Pharmaceutical Inc. and Eureka Genomics signed a definitive merger agreement.
The proposed cash and stock transaction, initially unveiled by the companies when they signed a memorandum of understanding in March, would create a company driving the evolution of next-generation genomics and bioinformatics, a release said.
The Nanobac name would go away and the new company would be named Eureka Genomics Corp. after the merger is completed, the release said. The new company intends to apply to change its ticker symbol on the over-the-counter Pink Sheets exchange. The deal is expected to close in the second quarter of this year, the release said.
The agreement calls for a reverse stock split of shares in Nanobac. Nanobac would issue new shares of its common stock to Eureka stockholders.
While the exchange ratio is still being finalized, former Eureka stockholders are expected to own 85 percent of the combined company and the former Nanobac shareholders are expected to own 15 percent of the combined company, the release said.
Nanobac (PINK SHEETS: NNBP) is a Tampa-based bioscience firm focused on improving health through the detection and treatment of nanobacteria.
Eureka, a privately held firm with offices in Hercules, Calif., and Houston, has technology that can be used in the development of diagnostic tools and therapeutic, vaccine and cleantech products.
The proposed cash and stock transaction, initially unveiled by the companies when they signed a memorandum of understanding in March, would create a company driving the evolution of next-generation genomics and bioinformatics, a release said.
The Nanobac name would go away and the new company would be named Eureka Genomics Corp. after the merger is completed, the release said. The new company intends to apply to change its ticker symbol on the over-the-counter Pink Sheets exchange. The deal is expected to close in the second quarter of this year, the release said.
The agreement calls for a reverse stock split of shares in Nanobac. Nanobac would issue new shares of its common stock to Eureka stockholders.
While the exchange ratio is still being finalized, former Eureka stockholders are expected to own 85 percent of the combined company and the former Nanobac shareholders are expected to own 15 percent of the combined company, the release said.
Nanobac (PINK SHEETS: NNBP) is a Tampa-based bioscience firm focused on improving health through the detection and treatment of nanobacteria.
Eureka, a privately held firm with offices in Hercules, Calif., and Houston, has technology that can be used in the development of diagnostic tools and therapeutic, vaccine and cleantech products.
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