Cleveland BioLabs, Inc. [NASDAQ: CBLI] disclosed the submission of the Registration Statement on Form S-4 with US SEC. The Registration Declaration which the firm has submitted is related to the earlier declared merger deal with Cytocom Inc. The Registration Declaration has not yet been implemented.
The declaration includes the necessary evidence related to the combination and the recommended deal, and the groups engaged in the deal. The application submission has demonstrated that CBLI and Cytocom, both biopharmaceutical firms are intending to merge their businesses and operate as a single publicly traded firm. The groups engaged in the deal anticipating that the new firm will commence trading on Nasdaq Stock Market with the ticker symbol “CYTO”. The merger deal is anticipated to finalize during the Q2 of 2021.
It has been revealed earlier that each Cleveland BioLabs stockholder, ImQuest Life Sciences stockholders, and the Cytocom stockholders will be included in the merged firm investor base. Moreover, each shareholder of Cleveland BioLabs will own nearly 39% of the remaining portions of the merged firm on a completely diluted basis and Cytocom shareholders plus ex ImQuest shareholders are anticipated to possess nearly 61% of the outstanding shares of the merged firm on a completely diluted basis.
After the execution of the deal, the administrative team of Cytocom is set to become the squad of Cleveland BioLabs. The CEO of the newly combined firm will Michael K. Handley. The board of directors of the merged firm will be made up of seven members. Out of a total of seven members, three will be appointed by Cleveland BioLabs, Cytocom four will appoint four.
Furthermore, the planned consolidation between CBLI and Cytocom, and Cytocom’s plan to buy of ImQuest Life Sciences, have the possibility to create revolutionary expansion benefits for Cytocom, as well as the investors of both CBLI and ImQuest Life Sciences.