2023-03-16 06:57:32 ET
- AgeX Therapeutics ( NYSE: AGE ), a biotech focused on human aging, announced that the company received a $10M loan in the form of a secured convertible promissory note from Juvenescence Limited ahead of a planned restructuring program.
- On Wednesday, the company has used the proceeds to finance the purchase of a Convertible Promissory Note issued by the Alabama corporation Serina Therapeutics Inc.
- The transaction was intended to facilitate a corporate restructuring process, including a potential merger between AgeX ( AGE ) and Serina, after which the former will become the surviving company.
- As part of the restructuring process, the company also plans to spin off its subsidiary Reverse Bioengineering to make it a separate publicly traded company.
- The director boards of AgeX and Serina have yet to approve the merger or the spinoff.
- The decision comes after AgeX ( AGE ) announced in November that it has until May 17, 2023, to regain compliance with NYSE listing rules.
For further details see:
AgeX Therapeutics gets $10M loan ahead of potential restructuring