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Tryp Therapeutics Inc. (OTCQB:TRYPF), a Canadian biotech leader in psychedelics, has officially received approval from Exopharm Limited shareholders for their strategic merger, paving the way for a new entity, Tryptamine Therapeutics Limited.
This approval follows a decisive plan of arrangement initially inked in December last year. The completion is set for May 1, 2024, with trading anticipated to commence on the Australian Securities Exchange (ASX) under the ticker “TYP” by mid-May.
In preparation for this transition, Tryp will voluntarily halt trading of its shares on the Canadian Securities Exchange and the OTCQB Venture Market starting April 29, 2024. Following the merger, Tryp shares will be delisted as the company transitions fully to the ASX platform.
The arrangement, valued at approximately CA$12.8 million ($9.3 million), offers Tryp shareholders a significant premium on their investment, with Exopharm issuing 4.52 ordinary shares for each Tryp share. This merger marks a significant premium based on previous closing prices and aligns with Tryp’s strategic vision to enhance shareholder value and expand its clinical programs.
When the plan of arrangement was announced in December, Tryp's CEO Jason Carroll, highlighted the merger as a milestone that “heralds a new era,” aiming to leverage the combined strength of both companies to enhance access to capital and respond dynamically to Australia's evolving psychedelics regulations.
This strategic expansion into the Australian market comes as both companies aim to solidify their footprint in the global biotech landscape, benefiting from Australia’s robust platform for biotechnological advancements.
Registered Tryp shareholders are urged to complete the necessary formalities by submitting their shares and the related letter of transmittal to Computershare Investor Services Inc., as outlined in the company’s guidance.
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