TenX Keane's Shareholders Approve Merger With Citius Oncology Unit
TenX Keane Acquisition's (TENK) shareholders have approved the company's proposed merger with Citius Pharmaceuticals' (CTXR) wholly-owned oncology unit, the companies said Monday.
Under the terms, TenX will acquire Citius' oncology unit, while Citius Pharmaceuticals will own roughly 90% interest in the new company upon closing, and will contribute up to $10 million in cash to Citius Oncology, according to the companies.
The newly combined public entity will continue to trade on Nasdaq and will be renamed as Citius Oncology, the companies said.
The deal, unanimously approved by the boards of TenX, Citius Pharmaceuticals, and its oncology unit, was first announced in October, while the firms expect to close the merger in the coming weeks.
Shares of TenX Keane rose 35% in recent Monday premarket activity, while Citius' stock fell 12%.
Price: 16.67, Change: +4.36, Percent Change: +35.42
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