Aug 15th, 2006, 14:36
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EXEG
BOUGHT 60K AT 0.57,0.58 WILL FLY TO 0.8 0.45-0.88 NEWS ---------- On August 14, 2006, eXegenics, Inc. (the “Company”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) with a group of investors led by Phillip Frost, M.D, for the sale of shares of the Company’s common stock. The shares of common stock to be issued to the purchasers will constitute, upon issuance, 51% of the issued and outstanding shares of common stock of the Company, on a fully-diluted basis. The aggregate purchase price to be paid for the shares is $8,613,000, reflecting the book value of the Company at June 30, 2006. The purchase price is subject to adjustment based on the book value of the Company at the closing date. A closing of the stock purchase is subject to certain conditions, as more particularly described in the Purchase Agreement. Among other things, a closing of the transaction is subject to the approval by the stockholders of the Company of (i) an amendment to the certificate of incorporation of the Company increasing the number of authorized shares of common stock and (ii) the consummation of the transaction ---------- |
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