Synergy Pharmaceuticals Inc. (SGYP: Quote) said Thursday that it has closed its previously announced merger with Callisto Pharmaceuticals Inc.
As per the terms of the merger, as amended, each outstanding share of Callisto common stock was converted into the right to receive 0.1799 of one share of Synergy common stock and the about 22.3 million shares of Synergy held by Callisto were canceled.
Consequently, effective as of the close of business today, Callisto's common stock will no longer be traded on the OTC QB.
Each share of Synergy common stock received in connection with the merger will be subject to a lock-up beginning January 17, 2013 and ending on the earlier of (i) January 17, 2015, (ii) a change in control of Synergy (as defined in the merger agreement), or (iii) written consent of Synergy, at Synergy's sole discretion.
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by RTT Staff Writer
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