Shares of pharmaceutical company Aditxt (ADTX) drew significant investor attention after it announced a deal valuing its subsidiary, Ignite Proteomics, at $150 million.
Aditxt stated that Ignite and a strategic counterparty have agreed to sign a definitive business combination agreement. Once the transaction is closed, Ignite is expected to separate from Aditxt and become an independent, publicly traded company through a newly formed public holding company, Ignite Proteomics, Inc., or Pubco.
The firm stated that shareholders of Ignite are likely to receive newly issued shares of Pubco common stock based on a $10.00 per share reference price.
Deal To Unlock Value
Aditxt stated that the deal is expected to unlock value in its 100%-owned Ignite subsidiary while allowing Aditxt to continue operating as a separate Nasdaq-listed public company.
Jeff Busch, Interim Chief Executive Officer of Aditxt and Chief Executive Officer of Ignite Proteomics, stated that for Ignite, becoming an independent public company is expected to provide the focus, visibility, and access to capital needed to accelerate commercialization, expand clinical evidence generation, and pursue broader adoption of its functional proteomics platform in oncology.
The news comes amid the departure of several top executives, including the CEO, last month. The company’s SEC filings from June indicated that CEO Amro Albanna, COO Rowena Albanna, director Shahrokh Shabahang, Chief People Officer and Corporate Secretary Christopher Porcelli, and Non-Executive Chairman Brian Brady resigned.
What Do Retail Traders Think About ADTX?
One Stocktwits user sounded concerned about the deal.
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