TenX Keane addresses trading halt, continues toward combination closing

On August 7, 2024, TenX Keane Acquisition (TENK) was notified by The Nasdaq Stock Market that trading in TenX’s securities had been halted for “additional information requested” from the company. The trading halt was imposed following volatility in the trading price and volume of TenX’s securities on Wednesday, August 7, 2024. TenX and its advisors have been in contact with representatives of Nasdaq regarding the lifting of the trading halt. While the trading halt is in place, TenX understands that its securities cannot be traded on any other exchange or in the over-the-counter market. On August 8, 2024, Citius Pharmaceuticals (CTXR) announced that the FDA had approved LYMPHIR for the treatment of relapsed or refractory cutaneous T-cell lymphoma after at least one prior systemic therapy. TenX and Citius Pharma are working diligently toward closing and expect it to occur in the near future. The newly combined public company is to be renamed Citius Oncology, Inc. and will continue to trade on the Nasdaq stock exchange under the symbol “CTOR.” Pursuant to the business combination agreement, TenX will acquire Citius Pharma’s wholly owned subsidiary via a merger, with the newly combined publicly traded company to be named Citius Oncology, Inc. In the transaction, all shares of Citius Pharma’s wholly owned subsidiary will be converted into the right to receive common stock of the new public company, Citius Oncology. As a result, upon closing, Citius Pharma will hold approximately 65.6 million shares of common stock of Citius Oncology which will represent approximately 90% of the new public company. As part of the transaction, Citius Pharma will contribute up to $10 million in cash to Citius Oncology to fund transaction expenses and working capital post-closing. An additional 12.75 million existing options will be assumed by Citius Oncology from Citius Pharma’s subsidiary.