Brief: Innovate Biopharmaceuticals To Acquire RDD

9 Meters Biopharma

07/10/2019 11:41

Oct 7 (Reuters) - Innovate Biopharmaceuticals Inc  INNT.O :
    * INNOVATE BIOPHARMACEUTICALS INC - TO ACQUIRE
PRIVATELY-HELD RDD
IN EXCHANGE FOR A COMBINATION OF COMMON & PREFERRED SHARES
    * INNOVATE BIOPHARMACEUTICALS - INNOVATE STOCKHOLDERS WILL
OWN UP
TO ABOUT 58.5% OF COMBINED CO & RDD STOCKHOLDERS WILL OWN AT
LEAST 41.5%
    * INNOVATE BIOPHARMACEUTICALS - WILL BE RENAMED 9 METERS
BIOPHARMA, INC. AND IS EXPECTED TO CONTINUE TO TRADE ON THE
NASDAQ CAPITAL MARKET.
    * INNOVATE BIOPHARMACEUTICALS - TEMPERATO WILL BECOME CEO
AND JOIN
THE BOARD OF 9 METERS BIOPHARMA
    * INNOVATE - ACTUAL STOCK ALLOCATION IS SUBJECT TO
ADJUSTMENT
BASED ON FINAL CAPITAL INVESTED OF UP TO $25 MILLION WITH
INITIAL TRANCHE OF $10 MILLION
    * INNOVATE - TO BUY RDD IN EXCHANGE FOR NEWLY ISSUED SHARES
REPRESENTING ABOUT 19.5% OF VOTING POWER AND SHARES OF
CONVERTIBLE PREFERRED STOCK

Source text: (http://ir.innovatebiopharma.com/news-releases/news-release-details/innovate-biopharmaceuticals-merge-rdd-pharma-creating-new)
Further company coverage:  INNT.O 

 ((Reuters.briefs@thomsonreuters.com;))