Windtree Therapeutics (WINT) said Tuesday it signed a binding deal to acquire Titan Environmental Services, a waste management firm based in Michigan.
The company said it will fund the deal through a mix of preferred stock issuance and debt financing, which also covers working capital needs.
After the acquisition, Titan will be renamed Windtree Environmental Services and will operate as a unit.
Titan's existing management team will stay on to provide industry expertise.
The transaction is expected to close in Q3. If the deal is not completed, Windtree will receive an $8 million breakup fee, according to the company.
Shares of Windtree Therapeutics were up nearly 46% in recent trading.
Price: 0.81, Change: +0.26, Percent Change: +45.77
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