Aptorum Group Inks Non-binding LoI And Term Sheet To Buy 100% Of URF Holding Group
(RTTNews) - Aptorum Group Ltd. (APM) announced Monday that it entered into a non-binding Letter of Intent and Term Sheet for the acquisition of 100% of URF Holding Group Ltd. and its underlying businesses by the further issuance of the Company's class A ordinary shares as consideration.
Pursuant to the Term Sheet, the transaction will result in a reverse takeover of the Company and, with the combined entity continuing to be listed on Nasdaq.
At or before the closing of the Transaction, it is contemplated the Company will distribute its existing businesses and assets in such relevant manner to its pre-acquisition shareholders on a pari-passu basis, subject to relevant approvals and distribution announcement and record dates to be set.
Following the closing of the Transaction subject to the below matters and conditions, it is expected that the former equity holders of the Company will own the higher of (i) 15% of the issued and outstanding shares of the post-acquisition Company or (ii) such issued and outstanding shares of the post-acquisition Company based on a pre-acquisition valuation of the Company at $40 million.
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