Brief: Cellect Biotechnology And Quoin Pharmaceuticals Announce Merger

Quoin Pharmaceuticals

24/03/2021 22:12

March 24 (Reuters) - Cellect Biotechnology Ltd  APOP.O :
    * CELLECT BIOTECHNOLOGY AND QUOIN PHARMACEUTICALS ANNOUNCE
STRATEGIC MERGER
    * CELLECT BIOTECHNOLOGY LTD - UP TO $25 MILLION OF FUNDING
AT $75
MILLION PRE-MONEY VALUATION TO BE AVAILABLE TO COMBINED COMPANY
CONCURRENTLY WITH MERGER
    * CELLECT BIOTECHNOLOGY LTD - CELLECT SHAREHOLDERS TO RETAIN
25%
OF COMBINED COMPANY PRE-FUNDING
    * CELLECT BIOTECHNOLOGY LTD - HAS SIGNED AGREEMENT TO SELL
ENTIRE
SHARE CAPITAL OF CO'S UNIT THAT WILL INCLUDE ALL OF EXISTING
ASSETS, TO ENCELLX INC.
    * CELLECT BIOTECHNOLOGY - FOLLOWING COMPLETION OF MERGER, CO
WILL
BE RENAMED QUOIN PHARMACEUTICALS, WILL BEGIN TRADING ON NASDAQ
UNDER SYMBOL 'QNRX'

Source text for Eikon:  ID:nGNX4gKQS6 
Further company coverage:  APOP.O 

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