Intec Announces Expected Closing Date of Decoy Merger
Intec Parent, Inc. (NASDAQ: NTEC) has announced the anticipated closing of its reverse merger with Decoy Biosystems, Inc. to occur after market hours on August 3, 2021. Following the merger's completion, the combined entity will be renamed Indaptus Therapeutics, Inc. and will commence trading on Nasdaq under the new ticker symbol INDP from August 4, 2021. The company also executed a domestication merger that has made Intec Pharma a wholly owned subsidiary. The merger aims to blend both companies' strengths in developing advanced medical treatments.
- Merger expected to enhance market position and operational synergies.
- New ticker symbol INDP may attract investor interest.
- Potential risks in completing the merger including legal proceedings.
- Delisting of Intec Pharma's ordinary shares may affect existing shareholders.
JERUSALEM, Aug. 3, 2021 /PRNewswire/ -- Intec Parent, Inc. (NASDAQ: NTEC) ("Intec Parent" or the "Company"), today announced that the pending and previously announced reverse merger (the "Decoy Merger") with Decoy Biosystems, Inc. ("Decoy") is currently expected to close after market hours today, Tuesday, August 3, 2021, subject to satisfaction or waiver of all closing conditions.
Immediately following the closing, the combined company will be renamed "Indaptus Therapeutics, Inc.", and is expected to begin trading on The Nasdaq Capital Market under the new ticker symbol "INDP" upon the commencement of trading on Wednesday, August 4, 2021.
In connection with the Decoy Merger and the previously announced domestication merger (which was consummated on July 27, 2021 and is one of the closing conditions of the Decoy Merger), after which Intec Pharma Ltd. ("Intec Pharma") became a wholly owned subsidiary of the Company (the "Domestication Merger"), a request was made for the Nasdaq Stock Market LLC to file with the Securities and Exchange Commission an application on Form 25 to delist and deregister the ordinary shares of Intec Pharma under Section 12(b) of the Securities Exchange Act of 1934, as amended.
Additional information about Decoy Merger and the Domestication Merger can be found in the Company's proxy statement/prospectus included in the registration statement on Form S-4 filed with the Securities and Exchange Commission on May 12, 2021, a copy of which is also available at www.sec.gov or at https://www.intecpharma.com.com/ under the SEC Filings tab located on the Investor Relations page.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.
About Intec Parent
Intec Parent is a clinical-stage biopharmaceutical company focused on developing drugs based on its proprietary Accordion Pill platform technology. The Company's Accordion Pill is an oral drug delivery system that is designed to improve the efficacy and safety of existing drugs and drugs in development by utilizing an efficient gastric retention and specific release mechanism. For more information, visit www.intecpharma.com. Intec Parent routinely posts information that may be important to investors in the Investor Relations section of its website.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act. These include statements regarding management's expectations, beliefs and intentions regarding, among other things, our product development efforts, business, financial condition, results of operations, strategies, plans and prospects. Forward-looking statements can be identified by the use of forward-looking words such as "believe", "expect", "intend", "plan", "may", "should", "could", "might", "seek", "target", "will", "project", "forecast", "continue" or "anticipate" or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: risks associated with Intec Parent's and Decoy's ability to consummate the Decoy Merger and the timing of the closing of the Decoy Merger, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of the Decoy Merger will not occur; risks related to the ability to consummate certain closing conditions; the occurrence of any event, change, or other circumstances that could give rise to the termination of the merger agreement; the outcome of any legal proceedings that may be instituted against Intec Parent or Decoy following the announcement of the merger agreement and the transactions contemplated therein; unanticipated difficulties or expenditures relating to the Decoy Merger; the response of business partners and competitors to the announcement of the Decoy Merger, and/or potential difficulties in employee retention as a result of the announcement and pendency of the Decoy Merger; the occurrence of any event, change, or other circumstance that could give rise to the termination of the merger agreement or could otherwise cause the transaction to fail to close; the inability to list the merger shares on Nasdaq or maintain the listing of the combined company's shares of common stock on Nasdaq following the Decoy Merger; and the ability to recognize the anticipated benefits of the Decoy Merger. Risks and uncertainties relating to Decoy that may cause actual results to differ materially from those expressed or implied in any forward-looking statement include, but not limited to: Decoy's plans to develop and potentially commercialize its technology, the timing and cost of Decoy's planned investigational new drug application and any clinical trials, the completion and receiving favorable results in any clinical trials, Decoy's ability to obtain and maintain regulatory approval of any product candidate, Decoy's ability to protect and maintain its intellectual property and licensing arrangements, Decoy's ability to develop, manufacture and commercialize its product candidates, the risk of product liability claims, the availability of reimbursement, the influence of extensive and costly government regulation, and Decoy's estimates regarding future revenue, expenses capital requirements and the need for additional financing following the Decoy Merger. These risks, as well as other risks and uncertainties associated with the Decoy Merger, are discussed in the proxy statement/prospectus that is included in the registration statement on Form S-4 that was filed with the SEC in connection with the Decoy Merger. All forward-looking statements speak only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included in this presentation. Neither Intec Parent nor Decoy undertake any obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by applicable law.
Intec Parent Investor Contact:
Will O'Connor
Stern IR
+1 212-362-1200
will@sternir.com
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SOURCE Intec Parent, Inc.
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