Odyssey Health Gains Shareholder Approval for Asset Sale With Oragenics; Odyssey Received Second $500K Payment From Oragenics On Dec. 11
Portfolio Pulse from Benzinga Newsdesk
Odyssey Health, Inc. received shareholder approval for the sale of its neurological drug platform to Oragenics, Inc. The approval resulted in a second payment of $500,000 to Odyssey. The total consideration for the sale is $1 million and 8 million shares of Oragenics Convertible Preferred Class F stock. The transaction is expected to close by the end of the year, pending other conditions.
December 12, 2023 | 1:35 pm
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NEUTRAL IMPACT
Oragenics, Inc. is set to acquire Odyssey Health's neurological drug platform, having made a second $500K payment as part of the $1M deal plus 8M shares of preferred stock.
While the acquisition is a strategic move for Oragenics, the issuance of additional shares could dilute existing shareholders' equity, creating a neutral short-term impact on the stock price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Odyssey Health approved the sale of its neurological drug platform to Oragenics, receiving a second $500K payment with a total deal value of $1M plus shares.
The approval of the asset sale and the receipt of the second payment are positive financial developments for Odyssey Health, likely leading to a short-term positive impact on its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100