Inhibrx (INBX) has issued an announcement.
On May 30, 2024, a company fully repaid its $223.2 million debt to Oxford Finance, terminating the 2020 Loan Agreement and releasing all related security interests. Concurrently, in a significant corporate action, each share of the company’s common stock was converted into a right to receive $30 plus a contingent value right for an additional $5 upon reaching a specific regulatory milestone. Following a merger, trading of the company’s common stock on The Nasdaq was suspended, and steps were taken to delist and deregister the shares. Leadership changes ensued, with appointments aligning with the merger agreement, and new corporate governance documents were established. Additionally, a Contingent Value Rights Agreement was set up to manage potential payouts related to the company’s drug approval process.
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