Boards Approve Deal
The boards of both companies have approved the business combination. Trxade’s current chairman and CEO Suren Ajjarapu will continue to serve as chairman and CEO of the combined company. The current members of the board of directors of Trxade will continue to serve as directors of the combined company, with the addition of two members designated by Scienture.
“Our mission at Scienture is in developing unique specialty product concepts and solutions that bring enhanced value to patients, caregivers, and healthcare systems. Our assets in development are across therapeutics areas, indications and cater to different market segments. We are committed to serving patients, physicians, and other healthcare stakeholders to attain better health outcomes,” said Shankar Hariharan, CEO of Scienture.
Trxade stockholders will continue to own around 83.34% of the combined company’s voting securities until the non-voting convertible preferred stock received by the Scienture stockholders is converted into Trxade’s common stock.