• The clinical-stage biotech company, Xynomic Pharmaceuticals (XYNO) announced that it closed a short-form merger with Xu-Nuo Pharma as part of its plans to go private.
• Xu-Nuo Pharma held ~98% of the outstanding common shares in Xynomic following a merger agreement.
• Xu-Nuo Pharma will continue as the surviving company of the merger at 8:30 a.m. EST June 17 following the completion of the agreement.
• Xynomic’s board of directors has approved the deal and with the parent holding more than 90% of the outstanding shares of common stock in Xynomic, the latter’s shareholders are not entitled to vote on the merger.
• Following the merger, Xu-Nuo “will carry on the business of Xynomic as its primary line of business,” and the shares of Xynomic’s common stock will no longer be trading on the OTC Pink Marketplace, Xynomic said in the statement.
• According to the latest financial data on Xynomic, the company has recorded a net loss of ~$25.1M in 2019, a rise of ~12.2% from the previous year.