SYDNEY, AUSTRALIA: , Exopharm Limited has announced an agreement to acquire all issued capital of Tryp Therapeutics Inc. through a Canadian plan of arrangement.
The deal will see Tryp shareholders receive 3.616 Exopharm shares for each Tryp share held, marking a substantial shift in Exopharm’s business scale and activities.
The acquisition necessitates shareholder approval and Exopharm’s re-compliance with ASX Listing Rules, including a proposed share consolidation on a 2.5 to 1 basis.
Upon completion, Exopharm will emerge as a clinical-stage biotech company, focusing on synthetic psilocybin and IV infused psilocin research, and will seek to change its name to Tryptamine Therapeutics Limited.
To facilitate compliance with ASX Listing Rules, Exopharm plans a public offering of up to 325 million shares at A$0.02 each to raise A$6.5 million.
The transaction includes issuing shares and options to Tryp stakeholders, with various exercise prices and expiry dates, aligning with the company’s strategic redirection towards psychotherapy-related biotechnology.