Tryp Therapeutics Inc. TRYPF, a Canadian biotech leader in psychedelics, has officially received approval from Exopharm Limited shareholders for their strategic merger, paving the way for a new entity, Tryptamine Therapeutics Limited.
Key Merger Dates And Trading Halt
This approval follows a decisive plan of arrangement initially inked in December last year. The completion is set for May 1, 2024, with trading anticipated to commence on the Australian Securities Exchange (ASX) under the ticker “TYP” by mid-May.
In preparation for this transition, Tryp will voluntarily halt trading of its shares on the Canadian Securities Exchange and the OTCQB Venture Market starting April 29, 2024. Following the merger, Tryp shares will be delisted as the company transitions fully to the ASX platform.
Merger Details And Shareholder Benefits
The arrangement, valued at approximately CA$12.8 million ($9.3 million), offers Tryp shareholders a significant premium on their investment, with Exopharm issuing 4.52 ordinary shares for each Tryp share. This merger marks a significant premium based on previous closing prices and aligns with Tryp’s strategic vision to enhance shareholder value and expand its clinical programs.
Strategic Goals And Expansion Into The Australian Market
When the plan of arrangement was announced in December, Tryp's CEO Jason Carroll, highlighted the merger as a milestone that “heralds a new era,” aiming to leverage the combined strength of both companies to enhance access to capital and respond dynamically to Australia's evolving psychedelics regulations.
This strategic expansion into the Australian market comes as both companies aim to solidify their footprint in the global biotech landscape, benefiting from Australia’s robust platform for biotechnological advancements.
Action Required For Shareholders
Registered Tryp shareholders are urged to complete the necessary formalities by submitting their shares and the related letter of transmittal to Computershare Investor Services Inc., as outlined in the company’s guidance.
Related News
- Psyched: $100M For MDMA Therapy, VA Funds, 2024 Watchlist, Reform Updates And More
- Tryp Therapeutics Explores Psilocybin’s Potential In New Trials To Treat IBS And Fibromyalgia
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!