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Posted On: 07/28/2020 1:42:25 PM
Post# of 145325
$CURR Founded and managed by Nancy Duitch, one of the nation’s prominent female entrepreneurs, Sera Labs has among its leadership top consumer packaged goods industry executives who have helped establish the company as a leader in the CBD sector.
OXNARD, Calif., July 28, 2020 (GLOBE NEWSWIRE) -- CURE Pharmaceutical (OTC: CURR), an innovative drug delivery and development company, today announced that it has entered into a Memorandum of Understanding to acquire 100% of privately held Sera Labs for total up-front consideration of $20 million, comprising $19 million in CURE stock at a valuation of $2.75 per share, and $1 million in cash, with an initial, additional commitment of $4 million for working capital in support of accelerating Sera Labs’ growth. The transaction also includes the potential for an earn out of up to $20 million in CURE stock at a valuation of $3.34 per share within two years of the closing of the acquisition, contingent upon Sera Labs achieving certain key financial targets. The structure of the earn out is designed to align risk and reward between CURE stockholders and Sera Labs’ management, with a focus on strong operational alignment and financial execution. The transaction is expected to close, subject to a definitive agreement and customary closing conditions, by the fourth quarter of 2020.
OXNARD, Calif., July 28, 2020 (GLOBE NEWSWIRE) -- CURE Pharmaceutical (OTC: CURR), an innovative drug delivery and development company, today announced that it has entered into a Memorandum of Understanding to acquire 100% of privately held Sera Labs for total up-front consideration of $20 million, comprising $19 million in CURE stock at a valuation of $2.75 per share, and $1 million in cash, with an initial, additional commitment of $4 million for working capital in support of accelerating Sera Labs’ growth. The transaction also includes the potential for an earn out of up to $20 million in CURE stock at a valuation of $3.34 per share within two years of the closing of the acquisition, contingent upon Sera Labs achieving certain key financial targets. The structure of the earn out is designed to align risk and reward between CURE stockholders and Sera Labs’ management, with a focus on strong operational alignment and financial execution. The transaction is expected to close, subject to a definitive agreement and customary closing conditions, by the fourth quarter of 2020.
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