Aditxt Inc. (NASDAQ:ADTX) is down 18% in a month. The company has announced the closing of an $11 million registered direct offering previously announced on August 26, 2021, and funding of a bridge loan to an acquisition target, meeting the vital Letter of Intent terms.
In addition, the company has signed an agreement with an outstanding convertible note holder, with both parties agreeing to waive some rights related to the convertible note and amend specific provisions of the holder’s warrants. Pursuant to the agreement, the company can fulfill the note via a combination of cash payment and issuance of stock by October 15, 2021, effectively clearing the path for the intended acquisition.
The company is already in advanced discussions and conducting due diligence under a letter of intent to enter a definitive agreement to acquire a biopharmaceutical firm commercializing a coronavirus antiviral oral therapy by the end of this month. Completion of the deal is subject to customary closing conditions and due diligence. Therefore, as ADTX prepares for the acquisition is worth watching.
On Tuesday, ADTX stock moved up 0.56% at $1.78 with more than 1.77 million shares, compared to its average volume of 3.32 million shares. The stock has moved within a range of $1.7300 – 1.8400 after opening the trade at $1.81.