Biotech Values

[DewDiligence]

CGIX reverse-merges into—(private)—StemoniX, Inc:

https://www.globenewswire.com/news-release/2020/08/24/2082533/0/en/Cancer-Genetics-and-StemoniX-Sign-Definitive-Agreement-to-Merge.html

Pursuant to the merger agreement, Cancer Genetics will acquire all of the outstanding capital stock of StemoniX in exchange for a number of shares of its common stock which will represent approximately 78% of the outstanding common stock of Cancer Genetics, subject to certain adjustments and prior to the effects of the financing referred to below, with the current equity holders of Cancer Genetics retaining 22% of the common stock immediately following the consummation of the merger.

This reverse-merger in unusual insofar as the corporate name and ticker symbol of the parent company is not changing.

This is CGIX’s second attempt at a reverse-merger. The first deal, announced in 2018, fell apart (#msg-145496011).