Awakn Life Sciences Corp (CSE: AWKN) (OTCQB: AWKNF) revealed it might definitely be gotten by Graft Polymer (UK) PLC with Graft acquiring each one of many enterprise’s shares in a cut price valued at C$ 8.8 million.
Graft is a UK-based biotechnology enterprise detailed on the London Stock Exchange below the icon “GPL” and is presently focused on creating copyright and co-developing therapies for psychological well being and wellness and compound make the most of circumstances. In July 2024, Awakn revealed that it had really turn into a part of an industrial partnership contract with Graft Polymer establishing the final word procurement.
“This proposed acquisition by Graft Polymer marks a significant milestone for Awakn Life Sciences and our mission to provide breakthrough therapeutics for substance use and other mental health disorders. We have had a significant portion of our operations in the UK for the entire life of our business and following the completion of the Proposed Transaction, Awakn will have access to the UK’s deep pool of liquidity as well as the international investor base positioned in London. We believe this transaction will create long-term value for our shareholders and provide new opportunities for growth and collaboration.” specified George Scorsis, Chairman of the Board of Directors and Special Committee.
According to the declaration, every Awakn investor will definitely get hold of 46.67 common shares in Graft for each share held. All offered and superior Common Share acquisition warrants will probably be exchanged or traded for brand-new common share acquisition warrants. The cut price is anticipated to close by June 2025.
Dennis Purcell, Chairman of Graft Polymer, claimed, “This proposed acquisition marks an important milestone for Graft Polymer as we broaden our focus to address the pressing global challenges of addiction and mental health disorders. Awakn’s advanced research and clinical programs offer the potential to develop more effective and accessible treatments for these critical areas of need. We believe this strategic move will not only drive value for our shareholders but also contribute meaningfully to improving the lives of millions impacted by these conditions.”
Anthony Tennyson, the Chief Executive Officer and a supervisor of Awakn was moreover chosen as Graft’s part-time Chief Executive Officer and to its board of supervisors in May 2024. Due to those placements, the declaration claimed that Tennyson recused himself from the poll.
Troubled background
As of October 31, 2024, Awakn had really not but attained profitable procedures and had really gathered losses of C$ 32,247,049 and full obligations of C$ 2.1 million. The enterprise’s backside line in one of the crucial present quarter was C$ 376,126 and had little earnings to report. The enterprise supplied its Norway corporations in 2023.
