Preliminary proxy filed for proposed Redx acquisition and related financings
Skye Bioscience has entered an agreement to acquire all issued and to-be-issued share capital of Redx Pharma Limited through a UK scheme of arrangement and filed a preliminary proxy seeking the stockholder approvals required for the change-of-control transaction. At the assumed 0.0892 exchange ratio, pre-transaction Skye holders are expected to own approximately 5.38% of the combined company; if Skye's valuation falls to the $2.0 million floor, the ratio would be 0.6496 and that ownership would decline to approx...
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