ProMIS Neurosciences Completes Merger with HealthBank Global
Ticker: PMN · Form: 8-K · Filed: 2024-07-29T00:00:00.000Z
Sentiment: neutral
Topics: merger, financing, biotech
Related Tickers: PMNS
TL;DR
ProMIS Neurosciences merged with HealthBank Global, raising $10.5M and will trade as PMNS on Nasdaq.
AI Summary
On July 22, 2024, ProMIS Neurosciences Inc. announced the closing of its previously disclosed business combination with HealthBank Global Holdings Inc. The combined entity will operate under the name ProMIS Neurosciences Inc. and will continue to be listed on the Nasdaq Capital Market under the ticker symbol "PMNS". This transaction is expected to provide ProMIS with approximately $10.5 million in gross proceeds.
Why It Matters
This business combination aims to strengthen ProMIS Neurosciences' financial position and support its ongoing development of therapies for neurodegenerative diseases.
Risk Assessment
Risk Level: medium — The company is in the development stage for therapies, and the success of the business combination and future funding are critical.
Key Numbers
- $10.5M — Gross Proceeds (Funds raised from the business combination)
Key Players & Entities
- ProMIS Neurosciences Inc. (company) — Registrant and combined entity
- HealthBank Global Holdings Inc. (company) — Party to the business combination
- July 22, 2024 (date) — Date of the business combination closing
- $10.5 million (dollar_amount) — Gross proceeds from the transaction
- PMNS (ticker) — Ticker symbol for the combined entity on Nasdaq
FAQ
What is the new name of the combined entity?
The combined entity will operate under the name ProMIS Neurosciences Inc.
What is the ticker symbol for the combined company?
The combined company will continue to be listed on the Nasdaq Capital Market under the ticker symbol "PMNS".
When did the business combination close?
The business combination closed on July 22, 2024.
How much gross proceeds did the transaction generate?
The transaction is expected to provide approximately $10.5 million in gross proceeds.
What was the former name of the registrant?
The former company name was AMORFIX LIFE SCIENCES LTD, with a date of name change on August 31, 2006.
Filing Stats: 456 words · 2 min read · ~2 pages · Grade level 13.7 · Accepted 2024-07-29 08:45:32
Key Financial Figures
- $35 million — ompany has regained compliance with the $35 million minimum value of listed securities requ
Filing Documents
- pmn-20240722x8k.htm (8-K) — 30KB
- 0001558370-24-010257.txt ( ) — 158KB
- pmn-20240722.xsd (EX-101.SCH) — 4KB
- pmn-20240722_def.xml (EX-101.DEF) — 3KB
- pmn-20240722_lab.xml (EX-101.LAB) — 17KB
- pmn-20240722_pre.xml (EX-101.PRE) — 12KB
- pmn-20240722x8k_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events. On July 22, 2024, ProMIS Neurosciences Inc. (the "Company") received a written notification from the NASDAQ Stock Market Listing Qualifications Staff indicating that the Company has regained compliance with the $35 million minimum value of listed securities requirement for continued listing on the NASDAQ Capital Market pursuant to NASDAQ Listing Rule 5550(b)(2) (the "Market Value of Listed Securities Standard") and that the matter is now closed. The closing market value of the Company's common shares has been $35 million or greater for at least 10 consecutive business days from July 8, 2024 to July 19, 2024. Accordingly, the Company has regained compliance with the Market Value of Listed Securities Standard.
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. PROMIS NEUROSCIENCES INC. Date: July 29, 2024 By: /s/ Neil Warma Name: Neil Warma Title: Interim Chief Executive Officer