SOL Global (CSE: SOL) announced this morning that their 40.7% owned portfolio company Heavenly Rx will be completing a reverse takeover transaction with Nasdaq listed Therapix Biosciences (NASDAQ: TRPX). The two firms signed a memorandum of understanding for the business combination, which will see Heavenly Rx’s CBD operations merge with Therapix and their cannabinoid pharmaceutical assets.
Following the signing of the MOU, Heavenly Rx and Therapix will now work towards signing a definitive agreement. In the interim, the two firms have agreed to a share exchange, with Therapix issuing up to 20% of its shares to acquire an interest in Heavenly Rx. The share exchange agreement is expected to close within thirty days.
The reverse takeover will see Therapix change its name to Heavenly Rx, while remaining listed on the Nasdaq. Current Heavenly CEO Paul Norman will then become the Chief Executive of the public issuer.
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Therapix Biosciences may be known by some within the cannabis sector for its previously terminated binding letter of intent with FSD Pharma. Under the agreement, Therapix was to be obtained by FSD as a means for the Canadian cultivator to acquire dual listing on the US big board. FSD Pharma had proposed to modify the terms of the binding letter of intent with terms that Therapix could not agree to, resulting in the Nasdaq listed issuer walking from the transaction.
No date was provided for the expected closing of the arrangement between SOL Global’s Heavenly Rx and Therapix Biosciences.
SOL Global last traded at $0.42 on the CSE.
Information for this briefing was found via Sedar and SOL Global. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
