Phio Pharmaceuticals to be Acquired by 03 Life Sciences
Ticker: PHIO · Form: 8-K · Filed: Jul 24, 2024 · CIK: 1533040
| Field | Detail |
|---|---|
| Company | Phio Pharmaceuticals Corp. (PHIO) |
| Form Type | 8-K |
| Filed Date | Jul 24, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, corporate-action
Related Tickers: PHIO
TL;DR
Phio Pharmaceuticals is getting bought by 03 Life Sciences, deal expected Q4 2024.
AI Summary
Phio Pharmaceuticals Corp. announced on July 19, 2024, that it has entered into a definitive agreement to be acquired by 03 Life Sciences. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition marks a significant development for Phio Pharmaceuticals as it transitions to a new phase of growth under 03 Life Sciences.
Why It Matters
This acquisition signifies a major strategic shift for Phio Pharmaceuticals, potentially leading to new opportunities and advancements in its pharmaceutical development pipeline under the umbrella of 03 Life Sciences.
Risk Assessment
Risk Level: medium — The acquisition is subject to closing conditions, and the integration process could present challenges.
Key Players & Entities
- Phio Pharmaceuticals Corp. (company) — Company filing the report and being acquired
- 03 Life Sciences (company) — Acquiring company
- July 19, 2024 (date) — Date of the definitive agreement
- fourth quarter of 2024 (date) — Expected closing period for the acquisition
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing reports on the entry into a definitive agreement for the acquisition of Phio Pharmaceuticals Corp. by 03 Life Sciences.
Who is acquiring Phio Pharmaceuticals Corp.?
Phio Pharmaceuticals Corp. is being acquired by 03 Life Sciences.
When was the definitive agreement for the acquisition signed?
The definitive agreement was entered into on July 19, 2024.
When is the acquisition expected to be completed?
The acquisition is expected to close in the fourth quarter of 2024.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions.
Filing Stats: 454 words · 2 min read · ~2 pages · Grade level 11.2 · Accepted 2024-07-24 16:30:09
Key Financial Figures
- $0.0001 — h registered: Common Stock, par value $0.0001 per share PHIO The Nasdaq Capital M
Filing Documents
- phio_8k.htm (8-K) — 25KB
- 0001683168-24-005049.txt ( ) — 194KB
- phio-20240719_pre.xml (EX-101.PRE) — 22KB
- phio-20240719_lab.xml (EX-101.LAB) — 33KB
- phio-20240719.xsd (EX-101.SCH) — 3KB
- phio_8k_htm.xml (XML) — 4KB
01. Other Events
Item 8.01. Other Events. On July 19, 2024, Phio Pharmaceuticals Corp. (the "Company") received written notice (the "Notification Letter") from The Nasdaq Stock Market LLC notifying the Company that it had regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. The Notification Letter was sent following the implementation of a one-for-nine reverse split of the Company's common stock (the "Reverse Split"), which became effective on July 5, 2024. Additional information regarding the Reverse Split can be found in the Company's Current Report on Form 8-K filed on July 2, 2024. 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PHIO PHARMACEUTICALS CORP. Date: July 24, 2024 By: /s/ Robert Bitterman Name: Robert Bitterman Title: President & Chief Executive Officer 3