Dandrit Biotech Announces Filing Of Listing Application To The Nasdaq Capital Market
LOS ANGELES, Feb. 26, 2018 /PRNewswire/ -- DanDrit Biotech USA, Inc. ("DanDrit") finalized its acquisition (the "Acquisition") of Enochian Biopharma, Inc. ("Enochian") on February 16, 2018. Enochian develops innovative proprietary technologies in HIV/AIDS. DanDrit believes that through the acquisition, Enochian's technologies will enhance DanDrit's research and development efforts and add to its pipeline.
The stockholders of Enochian received as consideration 50% of the number of shares of DanDrit's common stock issued and outstanding upon the Acquisition, after giving effect to the private placements, the warrant exercises and the acquisition, and expenses related to the acquisition. The stockholders of Enochian will also have the right receive pro rata shares of DanDrit's common stock upon the exercise of any of DanDrit's warrants currently outstanding. In total, the stockholders of Enochian received 18,081,962 shares of DanDrit's common stock.
DanDrit intends to change its name to Enochian BioSciences, Inc. and to relocate its headquarters to Los Angeles, California.
Enochian has a perpetual, sole and exclusive worldwide license form Weird Science LLC for its intellectual property rights in its technologies for the prevention treatment and potential cure of HIV/AIDS in humans.
Weird Science LLC and RS Group ApS, a stockholder of DanDrit have entered into an Investor Rights Agreement, and a Standstill & Lock-Up Agreement with a term of two years.
In total, DanDrit has raised $18,000,000 cash in new equity financing, and DanDrit now has more than 300 shareholders of record.
DanDrit has filed an application for listing on the Nasdaq Capital Market.