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Sabine (New: CYBN)(New York Stock Exchange:CYBN) (“Sabine” or”company“), a biotechnology company focused on advancing “Psychedelics to Therapeutics™”, is pleased to announce Adelia Therapeutics Inc. (“Adria“) is a wholly-owned subsidiary of Cybin and has achieved the first quarter (ii), second quarter (iv) and second quarter (vii) milestones envisaged in the terms of the capital contribution agreement dated December 4, 2020 year(“Transaction agreement“), including Cybin, Cybin Corp., Cybin US Holdings Inc. (“Acquirer“), Cybin’s wholly-owned subsidiary, and all former shareholders of Adelia (“Adria shareholders“).
According to the terms of the transaction agreement, 31,721.5 Class B ordinary shares in the acquirer’s capital (“Class B shares“) will be issued to Adelia shareholders to meet the US$628,879.34 (approximately US$492,427.64) payable when they meet certain relevant milestones. The effective issue price is US$1.98 per Class B share, based on the transaction agreement and applicable securities laws. The Class B shares issued by the acquirer to Adelia shareholders can be exchanged for ordinary shares in Cybin’s capital (“Sabine shares“) Based on the exchange of 10 Cybin shares for 1 Class B share, the holders may choose to make custom adjustments. Class B shares cannot be exchanged before December 14, 2021, and no more than: (i) 33 1 /3% of Class B shares will be exchanged before December 14, 2022; (ii) 66 2/3% of Class B shares will be exchanged before December 14, 2023; and (iii) thereafter, 100% of Class B shares will be exchangeable in Class B shares.
Other information related to the transaction can be obtained in the transaction agreement, which is archived under Cybin’s personal data on SEDAR (www.sedar.com) And the U.S. Securities and Exchange Commission on EDGAR www.sec.gov.
About Sabine
Cybin is a leading ethical biopharmaceutical company, working with world-class partners and an internationally recognized network of scientists,…
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