APM - Aptorum Group signs LOI to acquire URF Holding

2023-03-27 07:41:08 ET

• Aptorum Group ( NASDAQ: APM ) signed a non-binding letter of intent to acquire 100% of URF Holding Group Limited and its underlying businesses by the further issuance of the company's class A ordinary shares as consideration.
• U Group's business strategy, based on the urban revitalization, includes the development of curated shopping experience targeting China's "Generation Z" in China by implementing concepts such as "Curetail" in retail spaces and neighbourhood renewal.
• Per the terms, the offer will result in a reverse takeover of the company and will distribute its existing businesses and assets in such relevant manner to its pre-acquisition shareholders on a pari-passu basis, subject to relevant approvals and distribution announcement and record dates to be set.
• Upon closure, it is expected that the former equity holders of the company will own the higher of 15% of the issued and outstanding shares of the post-acquisition company or such issued and outstanding shares of the post-acquisition company based on a pre-acquisition valuation of the company at $40M.

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