Aditxt Inc. (NASDAQ: ADTX) stock surged by 53.54% at last close whereas the ADTX stock price declines by 7.57% in the after-hours trading session. Aditxt is working on technologies aimed at enhancing the immune system’s health through immunological surveillance and reprogramming. The immune monitoring technology developed by Aditxt is intended to offer a thorough profile of the immune system that is tailored to the individual.
ADTX stock’ Current Development
Aditxt has signed a letter of intent to purchase the “Target Firm,” a biopharmaceutical company that commercializes COVID-19 antiviral oral treatment. Outside of the United States and Canada, the Target Company is now marketing its products under urgent and compassionate use, the standard of care, and full permission in a number of countries.
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The purchase is contingent on a number of factors, including acceptable due diligence, the negotiation and signing of definitive agreements, and other closing requirements, such as board and shareholder approval, as well as NASDAQ confirmation of the potential transaction’s listing of shares. In order to settle the formal agreement, the parties intended to an exclusivity period until September 30, 2021. Nonetheless, there is no guarantee that a formal agreement will be reached or that the planned purchase will be finalized in the manner or at all.
- The execution of a planned $6.5 million secured loan from Aditxt to the Target Company by August 31, 2021, is one of the fundamental condition of the proposed transaction, according to the LOI.
- Aditxt is also issuing a proportion of shares of common stock that equals 50% of Aditxt’s outstanding shares when the transaction is completed.
Amro Albanna, Co-founder and Chief Executive Officer of ADTX stock stated,
They’ve been keen to expand Aditxt’s immune therapeutic and monitoring platforms’ global presence. ADTX is also looking forward to this prospective acquisition, which, if finalized, would be a strategic match for their firm.