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RTTR

Ritter Pharmaceuticals

$0.22 /

+0.0069 (+3.19%)

09:17
01/21/20
01/21
09:17
01/21/20
09:17

Ritter Pharmaceuticals enters 'reverse merger' agreement with Qualigen

Ritter Pharmaceuticals reported that it has entered into a definitive "reverse merger" agreement with Qualigen, a privately-held company focused on the development and commercialization of novel therapeutic products for the treatment of cancer and infectious diseases, as well as expansion of its flagship FastPack diagnostic platform, whereby a wholly-owned subsidiary of the Company will merge with and into Qualigen in an all-stock transaction with Qualigen. Upon completion of the merger, the Company will change its name to Qualigen, Inc., or a similar name selected by Qualigen. The merged company will focus on the development of Qualigen's nanotechnology therapies for the treatment of cancer and infectious diseases, while also continuing to operate its profitable diagnostic business. Under a separate Contingent Value Right agreement, a CVR holder representative will continue to seek opportunities to monetize Ritter Pharmaceuticals' RP-G28 asset with financial support from Qualigen for a defined period, with the net proceeds of any monetization to be distributed to Ritter Pharmaceuticals' pre-merger stockholders. In conjunction with the merger transaction, Qualigen has arranged the securing of additional capital from an institutional investor to support funding of its operations and expansion of its clinical development programs. On a pro forma basis and based on the number of shares of Ritter Pharmaceuticals common stock to be issued in the merger, the pre-merger Ritter Pharmaceuticals stockholders will own approximately 7.5% of the post-merger combined company and the pre-merger Qualigen stockholders will own approximately 92.5% of the post-merger combined company on a fully-diluted basis, assuming Qualigen raises the minimum amount of additional capital from the institutional investor in the Pre-Closing Financing and the combined company meets Nasdaq listing requirements. The transaction has been approved by the board of directors of both companies. The merger is expected to close in the second quarter of 2020, subject to the approval of the stockholders of each company, as well as other closing conditions, including among other things, the Registration Statement for the merger shares to be issued being declared effective by the Securities and Exchange Commission, the Company's common stock to be issued in the merger being approved for listing on Nasdaq, the consummation of the Pre-Closing Financing, and Ritter Pharmaceuticals stockholders' equity being no less than $0.00 as of immediately prior to the merger. The Merger Agreement may be terminated by the parties under certain circumstances including, among others, by Qualigen if the Company is unable to maintain its listing on Nasdaq up until the Effective Time of the merger. In addition, Ritter Pharmaceuticals stockholders of record as of immediately prior to the Effective Time of the merger will receive non-transferable CVRs entitling the holders to receive the net proceeds, if any, from any sale, license, transfer, spin-off or other monetizing event of all or any part of the Company's current business or all or any part of the Company's intellectual property or technology which is entered into during the period beginning on the date the merger agreement was signed and ending on the third anniversary of the closing date of the merger. Following the merger, Michael S. Poirier, President, CEO and Chairman of Qualigen will be appointed to serve as the post-merger combined company's chairman, president and CEO. The board of directors for the post-merger combined company will be comprised of seven directors, including one member from Ritter Pharmaceuticals' legacy board of directors. Members of the Ritter Pharmaceuticals executive team are expected to support Qualigen's transition into therapeutic clinical development and the public markets under separate consulting agreements.

RTTR Ritter Pharmaceuticals
$0.22 /

+0.0069 (+3.19%)

09/13/19 Roth Capital
Roth Capital removes rating on Ritter Pharmaceuticals after trial fails

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