Mergers & Acquisitions ·
CERO Therapeutics agrees to sell subsidiary to SRX Global for $1M in stock plus debt forgiveness
CEROCero Therapeutics Holdings, Inc.
CERO Therapeutics Holdings entered into a Stock Purchase Agreement with SRX Global Inc. to sell its wholly owned operating subsidiary, CERo Therapeutics, Inc. In exchange, CERO will receive $1 million worth of SRX common stock, calculated based on the lower of SRX's prior closing price or 20-day VWAP. The transaction also includes the forgiveness and cancellation of approximately $8.25 million in outstanding principal under a Consolidated Senior Secured Promissory Note, plus accrued interest, fees, and expenses. Additionally, SRX will assume liabilities of approximately $1.56 million. The deal is subject to preferred stockholder consents and includes a 30-day go-shop period for alternative proposals. CERO Therapeutics Holdings operates in the biotechnology sector.