WOW! Low float ! AH action! Might go crazy in the AM. Press Release: Aptorum Therapeutics Limited Enters Into Letter of Intent and Term Sheet with Universal Sequencing Technology Corporation to Merge with Aptorum Group's Subsidiary Paths Innovations Limited
8:02 am ET May 1, 2023 (Dow Jones) Print
Aptorum Therapeutics Limited Enters Into Letter of Intent and Term Sheet with Universal Sequencing Technology Corporation to Merge with Aptorum Group's Subsidiary Paths Innovations Limited
NEW YORK & LONDON & PARIS--(BUSINESS WIRE)--May 01, 2023--
Regulatory News:
Aptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) ("Aptorum Group" or "Company"), today announced that its wholly owned subsidiary Aptorum Therapeutics Limited ("ATL") has entered into a non-binding Letter of Intent and Term Sheet ("Term Sheet") to merge ("Transaction") its 100% subsidiary, Paths Innovation Limited and its underlying business (collectively "PathsDx Group") with Universal Sequencing Technology Corporation ("UST"), a San Diego and Boston based US company dedicated to the development and commercialization of advanced proprietary DNA sequencing technologies. Paths Innovation Limited currently holds, through its majority owned subsidiary Paths Diagnostics Pte. Limited, the PathsDx technology -- a liquid biopsy NGS based technology for the diagnostics of infectious diseases. As consideration of the Transaction upon closing, ATL will become a shareholder of the combined company.
The Transaction and other ancillary distributions, where relevant, are subject to, among other matters, the execution of a mutually agreeable definitive agreement (the "Definitive Agreement"), completion of due diligence and subject to several conditions including, but not limited to, director and shareholder approvals. The relevant Term Sheet has been filed under a 6-K by the Company.
