TenX Keane shareholders approve merger with Citius Oncology

TenX Keane Acquisition (TENK) shareholders have voted to approve the combination with Citius Pharmaceuticals’ oncology subsidiary (CTXR). The newly combined public company will continue to trade on the Nasdaq stock exchange and is to be renamed Citius Oncology. The transaction has been unanimously approved by the Board of Directors of both companies and Citius Pharma. The merger is expected to be completed in the coming weeks. All shares of Citius Pharma’s wholly owned subsidiary would be converted into the right to receive common stock of Citius Oncology. As a result, upon closing, Citius Pharma would hold approximately 65.6 million shares of common stock of Citius Oncology which would represent approximately 90% of the newly public company. As part of the transaction, Citius Pharma will contribute $10M in cash to Citius Oncology. An additional 12.75 million existing options will be assumed by Citius Oncology.