Phytanix Bio, SPAC Company Chain Bridge I Enter Definitive Business Combination Agreement; Combined Company To Be Named Phytanix Inc.
$CBRG
Blank Checks
Finance
Upon closing of the transaction, expected to occur in the fourth quarter of 2024, the combined company will be named Phytanix Inc., and its common stock is expected to be listed on the Nasdaq Capital Market under the ticker symbol "PHYX."
Phytanix is pioneering a new and innovative approach in the development of cannabinoid and cannabinoid-like medicines.
The transaction reflects a pre-deal valuation of $58 million for Phytanix Bio plus the assumption of $17 million of preferred stock and $4.4 million of short-term debt that will be exchanged for convertible preferred stock at deal close