RADNOR, PA — NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) has received a favorable ruling from a Utah arbitrator, allowing the company to move forward with its planned spinoff of 49% of HOPE Therapeutics shares to NRx shareholders. The arbitrator denied Streeterville Capital, LLC’s request to halt the spinoff and to prevent NRx from selling additional shares to fund ongoing operations.
The proposed spinoff aims to give shareholders a chance to benefit from the potential value created by HOPE Therapeutics, which is currently a wholly-owned subsidiary of NRx. The spinoff remains subject to compliance with disclosure and regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934.
“As we have previously shared with the public, HOPE Therapeutics is in the process of developing a best-in-class network of clinics that currently offer ketamine and other lifesaving therapies to patients with suicidal depression,” said Prof. Jonathan Javitt, Founder and Chairman of NRx Pharmaceuticals and Co-CEO of HOPE Therapeutics. “This arbitration decision enables us to keep our promise to shareholders to spin out 49% of HOPE Therapeutics shares held by NRx to our shareholders, subject to approval by our Board of Directors and compliance with applicable law. We appreciate the support and loyalty of our shareholders as we work to bring HOPE to life.”
The spinoff is intended to pave the way for a potential listing of HOPE Therapeutics on a national securities exchange, providing further opportunities for growth and shareholder value.
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