Aptorum and YOOV announce merger plan

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Aptorum and YOOV announce merger plan
Credit: © Reuters.

NEW YORK & LONDON - Aptorum Group Limited (NASDAQ:APM) and YOOV Group Holding Ltd. have entered into a merger agreement, which is pending approval from both companies' shareholders and the fulfillment of other closing conditions.

Upon completion of the merger, YOOV shareholders will own approximately 90% of the combined company, with Aptorum shareholders owning the remaining 10%.

This transaction is classified as a reverse merger due to YOOV shareholders gaining the majority stake. The deal is contingent on NASDAQ's approval of the combined company's initial listing application.

Additionally, Aptorum and its major shareholder, Jurchen Investment Corporation, have agreed to a split-off arrangement, transferring Aptorum's legacy business assets and liabilities to a wholly-owned subsidiary, Aptorum Therapeutics Limited (ATL). Following the merger's completion, Jurchen will acquire ATL, and in exchange, will surrender certain Aptorum shares it holds.

The merger's success hinges on several conditions, including shareholder approval from both companies, NASDAQ's listing approval, and the provision of legal opinions and audited financial statements. A fairness opinion has been provided by Colliers International (Hong Kong) Limited, confirming the financial equity of the merger to Aptorum shareholders.

YOOV, an AI and automation platform, has experienced significant growth in the Asia Pacific region, offering solutions that enhance business operations efficiency. Aptorum Group is a clinical-stage biopharmaceutical company focusing on developing treatments for diseases with unmet medical needs.

The proposed merger aims to leverage YOOV's potential on NASDAQ, which is expected to facilitate the company's development and expansion.

This news is based on a press release statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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