Akela Pharma Inc. (AKL.TO) announced the closing of the arrangement agreement with Nventa Biopharmaceuticals Corp. (NVN.TO) to combine the two companies by way of a plan of arrangement under the Business Corporations Act.
The transaction was effected by an amalgamation of Nventa with a wholly-owned subsidiary of Akela, and an exchange of Akela common shares for the outstanding shares of Nventa on the basis of 0.0355 Akela shares for each Nventa share, resulting in an approximate 70/30 ownership split between Akela and Nventa shareholders, respectively, in the combined entity.
The public company would retain Akela's name, would operate under Akela's management, and would continue to be listed on the Toronto Stock Exchange under the ticker symbol "AKL".
Further, two directors of Nventa, Gregory McKee and Robert Rieder, have been appointed to the Board of Directors of Akela, effective at closing.
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