Matinas BioPharma Announces Strategic Business Combination with GH Power to Create Publicly Traded, Advanced Clean Energy and Green Hydrogen Company; Signs Definitive Agreement to Sell LNC Platform Technology and Lead Product Candidate MAT2203 to Azurity Pharmaceuticals
Matinas BioPharma agreed to merge with GH Power in a business combination that will transform the company into a publicly traded clean energy and green hydrogen entity. Existing Matinas shareholders will own approximately 9% of the combined company, GHP International, while GH Power equityholders will own 91%, with each share of Matinas common stock converting into 0.1 shares of GHP International. Concurrently, the company entered a definitive agreement to sell its lead product candidate MAT2203 and lipid nano-crystal (LNC) technology platform to Azurity Pharmaceuticals for $4.0 million upfront, plus up to $17.5 million in milestone payments and royalties.
Key figures
- Pipe proceeds
- 575000
- Conversion ratio
- 0.1
- Asset sale upfront
- 4000000
- Asset sale milestones
- 17500000
- Warrant exercise price
- 0.35
- Ownership percent matinas
- 9%
- Warrant exercise proceeds
- 2600000
- Ownership percent gh power
- 91%
- Gh power financing condition
- 15000000
AI analysis
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