BCTXW - BriaCell Therapeutics Corp. Announces Closing of Plan of Arrangement Spinning Out BriaPro Therapeutics Corp. to Existing Shareholders | Benzinga
- BriaCell Therapeutics Corp. closes Arrangement effecting the distribution described in the plan of arrangement.
TORONTO, Aug. 31, 2023 (GLOBE NEWSWIRE) -- BriaCell Therapeutics Corp. (NASDAQ:BCTX, BCTXW)) (TSX:BCT) ("BriaCell" or the "Company"), a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care, today announces that the Company has closed the previously announced plan of arrangement spinout transaction (the "Arrangement") pursuant to which certain pipeline assets of the Company, including Bria-TILsRx™ and protein kinase C delta (PKC?) inhibitors for multiple indications including cancer (the "SpinCo Assets"), were spun-out to BriaPro Therapeutics Corp. ("SpinCo"), resulting in a 2/3rd owned subsidiary of the Company with the remaining 1/3rd held by BriaCell shareholders ("BriaCell Shareholders").
Pursuant to the terms of the Arrangement, SpinCo has acquired the entire right and interest in and to the SpinCo Assets in consideration for the issuance by SpinCo to the Company of SpinCo common shares. Under the terms of the Arrangement, for each BriaCell share held immediately prior to closing, BriaCell Shareholders receive one (1) common share of SpinCo, and one (1) new common share of BriaCell (retiring their old share) having the same terms and characteristics as the existing BriaCell common shares. The Company will remain listed on the NASDAQ Stock Market and Toronto Stock Exchange, and SpinCo is an unlisted reporting issuer in Canada.
Computershare Investor Services Inc. ("Computershare") will forward replacement certificates to each Company shareholder that is entitled to receive certificates, representing their allotted number of SpinCo common shares and BriaCell common shares in accordance with the Arrangement. Letters of transmittal have been mailed to registered holders of BriaCell common shares, which must be completed and returned to Computershare together with the share certificates of BriaCell common shares at the address specified in the letter of transmittal in order for ...