Citius Pharmaceuticals Executes Definitive Agreement To Merge Wholly Owned Subsidiary With TenX Keane Acquisition To Form Publicly Listed Citius Oncology, Inc.
Portfolio Pulse from Benzinga Newsdesk
Citius Pharmaceuticals has agreed to merge its wholly owned subsidiary with TenX Keane Acquisition to form Citius Oncology, Inc. Upon closing, Citius Pharma will receive 67.5 million shares in Citius Oncology at $10 per share and retain majority ownership of approximately 90%. The transaction has been approved by the Board of Directors of both companies and is expected to close in the first half of 2024.
October 24, 2023 | 11:35 am
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Citius Pharmaceuticals is merging its subsidiary with TenX Keane Acquisition to form Citius Oncology. Citius will retain 90% ownership and receive 67.5 million shares at $10 per share.
The merger will result in Citius Pharmaceuticals retaining majority ownership of the new entity, Citius Oncology. This could potentially increase the value of CTXR shares in the short term as the company will have a significant stake in the new entity.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
TenX Keane Acquisition is merging with a subsidiary of Citius Pharmaceuticals to form Citius Oncology. The deal has been approved and is expected to close in the first half of 2024.
The merger with a subsidiary of Citius Pharmaceuticals could potentially increase the value of TENKU shares in the short term as the company will be part of a new entity, Citius Oncology.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100