Citius Pharmaceuticals Announces TenX Keane Shareholder Approval of Merger with Citius
Transaction Expected to Close in First Quarter of 2023
Combined Company to Trade on Nasdaq as Citius Oncology Inc.
CRANBURY, N.J., Dec. 24, 2023 (GLOBE NEWSWIRE) -- Citius Pharmaceuticals, Inc. (NASDAQ: CTXR), a late-stage biopharmaceutical company developing and commercializing first-in-class anti-cancer therapies, today announced that TenX Keane shareholders voted to approve the previously announced merger with Citius. Following the expected closing of the merger, the combined company will operate as Citius Oncology, Inc. and its common stock is expected to trade on the Nasdaq stock exchange under the ticker symbol "CTXO."
Under the terms of the merger agreement, TenX Keane shareholders will receive 0.875 shares of Citius common stock for each share of TenX Keane common stock they own. Upon the closing of the merger, Citius would hold approximately 675 million shares of its common stock, and TenX Keane shareholders would own approximately 27% of the combined company, on a fully diluted basis. The description of the transaction contained herein is only a summary and is qualified in its entirety by reference to the definitive merger agreement, a copy of which has been filed with the Securities and Exchange Commission (the "SEC") as an exhibit to Citius' Current Report on Form 8-K filed on November 7, 2023, and which is available on the SEC's website at www.sec.gov.
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