PBIO - Pressure Biosciences to acquire wellness firm Uncle Bud's in an all stock deal
2024-01-11 08:34:16 ET
Pressure BioSciences ( OTC:PBIO ) Thursday announced a definitive agreement to acquire natural health and wellness firm Uncle Bud’s.
Under deal terms, Uncle Bud's stockholders would receive preferred stock of PBIO, which is convertible into common stock, and no cash at the closing of the transaction.
In addition, the parties agreed to an earnout for additional shares of PBIO common stock based on the achievement of revenue and net profit results in 2024.
"The integration of Uncle Bud’s into PBIO’s financials is expected to be immediately accretive and a major accelerator to PBIO’s top-line revenue growth," said PBIO Chairman Jeff Peterson.
The merger aims to combine Uncle Bud's brand of 70 products and 865K member online community with Pressure BioSciences' UltraShear technology platform, and patents, among others.
"The combined companies will be ideally positioned to attract new growth investment, rapidly strengthen the balance sheet, accelerate our path to profitability within 2024, and catalyze our drive to uplist to NASDAQ or NYSE even earlier in 2024," the chairman added.
The transaction is expected to close by January 19, 2024.
More on Pressure BioSciences
For further details see:
Pressure Biosciences to acquire wellness firm Uncle Bud’s in an all stock deal