AcquisitionsMay 15, 2026, 05:13 PM
XTL Biopharmaceuticals to acquire Psyga Bio, raise $1.5M, increase capital
AI Summary
XTL Biopharmaceuticals Ltd. will hold an Extraordinary General Meeting on June 22, 2026, to approve the acquisition of 80-100% of Psyga Bio Ltd. This acquisition is crucial for the company to comply with Nasdaq's continued listing requirements by June 30, 2026. Shareholders will also vote on a conditional private placement of up to $1.5 million and an increase in authorized share capital to facilitate these transactions, along with the appointment of an auditor.
Key Highlights
- Shareholders to vote on acquiring 80-100% of Psyga Bio Ltd. at an EGM on June 22, 2026.
- Consideration for Psyga acquisition includes ADSs (up to 40% of XTL post-issuance) and milestone warrants.
- Approval sought for a private placement of up to $1.5 million, conditional on the Psyga acquisition.
- Private placement investors to receive ADSs, Series A Warrants (exercise price $2.70), and Series B Warrants (exercise price $5.00).
- Proposed increase in authorized share capital by 2.9 billion shares, totaling 5.8 billion ordinary shares.
- Nasdaq granted an exception for continued listing, conditional on completing Psyga acquisition and compliance by June 30, 2026.
- Appointment of BARZILY & CO. C.P.A as independent auditor for the year ending December 31, 2025.
- Mr. Alexander Rabinovitch, an XTL director and controlling shareholder of Psyga, is an interested party.
Price Impact
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