NetworkNewsBreaks – Cybin Inc. (NYSE American: C
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Posted On: 10/07/2021 4:25:21 PM
NetworkNewsBreaks – Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) Announces Achievement of Adelia Milestones
Cybin (NYSE American: CYBN) (NEO: CYBN), a biotechnology company focused on psychedelic pharmaceutical therapies, has announced that Adelia Therapeutics Inc., a wholly-controlled subsidiary of Cybin, has achieved the milestones identified as “Year 2 Q1 (i)-(iii).” According to the update, the milestones were contemplated by the terms of a contribution agreement dated Dec. 4, 2020, among Cybin, Cybin Corp., Cybin US Holdings Inc. (the “acquiror”), a wholly controlled subsidiary of Cybin, and all previous shareholders of Adelia. Per the terms of the agreement, Class B common shares in the capital of the acquiror shall be issued to Adelia shareholders, in satisfaction of the $706,586.69 (approximately US$560,181.93) due to them on meeting a portion of the relevant milestones, at an effective issue price determined in accordance with the transaction agreement and applicable securities law. The Class B shares issued by the acquiror to the Adelia shareholders are exchangeable for common shares in the capital of Cybin on a 10-1 Cybin shares-Class B share basis, at the option of the holder thereof, subject to customary adjustments. No Class B shares are exchangeable prior to Dec. 14, 2021, and not more than: (i) 33 1/3% of the Class B shares will be exchangeable prior to Dec. 14, 2022; (ii) 66 2/3% of the Class B shares will be exchangeable prior to Dec. 14, 2023; and (iii) thereafter, 100% of the Class B shares will be exchangeable.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Cybin (NYSE American: CYBN) (NEO: CYBN), a biotechnology company focused on psychedelic pharmaceutical therapies, has announced that Adelia Therapeutics Inc., a wholly-controlled subsidiary of Cybin, has achieved the milestones identified as “Year 2 Q1 (i)-(iii).” According to the update, the milestones were contemplated by the terms of a contribution agreement dated Dec. 4, 2020, among Cybin, Cybin Corp., Cybin US Holdings Inc. (the “acquiror”), a wholly controlled subsidiary of Cybin, and all previous shareholders of Adelia. Per the terms of the agreement, Class B common shares in the capital of the acquiror shall be issued to Adelia shareholders, in satisfaction of the $706,586.69 (approximately US$560,181.93) due to them on meeting a portion of the relevant milestones, at an effective issue price determined in accordance with the transaction agreement and applicable securities law. The Class B shares issued by the acquiror to the Adelia shareholders are exchangeable for common shares in the capital of Cybin on a 10-1 Cybin shares-Class B share basis, at the option of the holder thereof, subject to customary adjustments. No Class B shares are exchangeable prior to Dec. 14, 2021, and not more than: (i) 33 1/3% of the Class B shares will be exchangeable prior to Dec. 14, 2022; (ii) 66 2/3% of the Class B shares will be exchangeable prior to Dec. 14, 2023; and (iii) thereafter, 100% of the Class B shares will be exchangeable.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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