TORONTO, April 27, 2023 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (OTC:POLXF) (the "Company" or "Polydex") announced today that it has entered into a Plan of Arrangement agreement (the "Arrangement Agreement") whereby BioSpectra, Inc. and BioSpectra Canada, Ltd (together, "BioSpectra") will acquire all of the outstanding common and preferred shares of the Company for total consideration of $6,940,000, of which US$6,924,980.02 will be paid for 3,432,478 common shares outstanding and US$15,019.98 will be paid for 899,400 Class B Preferred shares outstanding. The price per common share is US$2.017. Under the Arrangement Agreement the transaction will be effected pursuant to a statutory plan of arrangement (the "Arrangement") under section 182 of the Ontario Business Corporations Act (the "OBCA"). The Arrangement will result in each issued and outstanding share of Polydex being deemed transferred to BioSpectra by each Polydex shareholder, without any further act ...Full story available on Benzinga.com
