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BRIEF-SPAC I plans to buy 66.6 pct of CoGyn in reverse merger transaction
October 20, 2015 / 2:30 PM / 2 years ago

BRIEF-SPAC I plans to buy 66.6 pct of CoGyn in reverse merger transaction

Oct 20 (Reuters) - SPAC I (formerly Novatis SA) :

* Following its communication issued on May 7 , it informs about a reverse merger transaction

* Plans to acquire 66.6 percent of CoGyn Pharmaceuticals, Inc. (CoGyn) in the reverse merger transaction of SPAC I

* Signs an investment agreement with an undisclosed investor and pledges to pay a 9.54 million zloty ($2.6 million) deposit to acquire the stake

* As the investor had liabilities of 9.54 million zlotys towards the company, the debt has been off-set with the deposit as part of the signed agreement

* The US-based CoGyn will become a unit of company and it will be listed on the Warsaw Stock Exchange's (WSE) NewConnect market in Poland

* Following the reverse merger plans, the company's AGM to be held on Nov. 2, to change the company's name and strategy, and add CoGyn representatives to the supervisory board

* CoGyn is a pharmaceutical company developing a drug delivery platform Source text for Eikon: Further company coverage: ($1 = 3.7459 zlotys) (Gdynia Newsroom)

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