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TenX Keane Acquisition Ordinary Share (TENK) is a newly established blank check company, also known as a special purpose acquisition company (SPAC), formed with the objective of merging, share exchanging, asset acquisition, stock purchasing, reorganization, or similar business combination with one or more businesses. The company is crafted to identify and invest in enterprises across various sectors, leveraging its strategic acumen to foster growth and value.
Recently, TenX Keane Acquisition has been in the spotlight due to a proposed merger agreement with Citius Pharmaceuticals, Inc. (Nasdaq: CTXR), a late-stage biopharmaceutical company dedicated to developing and commercializing critical care products. This merger is anticipated to be finalized in the first half of 2024, subject to SEC review and approval by TENK shareholders. The consolidated company aims to leverage its combined resources and expertise to drive innovation and growth in the biopharmaceutical sector.
In terms of financial condition, TenX Keane Acquisition maintains a robust liquidity position, ensuring the financial flexibility required to support ongoing and future operations. The company is committed to strategic partnerships and collaborations that align with its goal of creating long-term value for its stakeholders.
The core business of TenX Keane Acquisition revolves around identifying high-potential targets, executing mergers or acquisitions, and effectively integrating these entities to optimize performance and value creation. This strategic approach positions TENK as a significant player in the investment landscape, aiming to capitalize on emerging opportunities within various industries.
The leadership team at TenX Keane Acquisition comprises seasoned professionals with extensive experience in mergers and acquisitions, investment banking, and corporate finance. This expertise underpins the company's strategy to navigate complex transactions and deliver superior returns.
The company's emphasis on transparent operations and adherence to regulatory standards ensures it remains a trustworthy entity for investors and stakeholders. As the market evolves, TenX Keane Acquisition is poised to leverage its strategic advantages to achieve its business objectives effectively.
Citius Pharmaceuticals (CTXR) has completed the merger of its oncology subsidiary with TenX Keane Acquisition, forming Citius Oncology, Inc. The new entity is set to trade on Nasdaq under the ticker CTOR starting August 13, 2024. Citius Pharma retains approximately 90% ownership of Citius Oncology.
Key highlights include:
- FDA approval of LYMPHIR™ for treating cutaneous T-cell lymphoma
- Plans to distribute a portion of Citius Oncology shares to Citius Pharma shareholders
- Citius Pharma's Mino-Lok antibiotic lock solution achieved primary and secondary endpoints in Phase 3 Trial
The merger aims to provide greater financial and strategic flexibility, potentially unlocking value for both companies.
TenX Keane Acquisition (Nasdaq: TENKU) faced a trading halt on August 7, 2024, due to additional information requested by Nasdaq following unusual trading activity. The company is working with Nasdaq to lift the halt. Meanwhile, TenX shareholders approved the merger with Citius Oncology on August 2, 2024. The post-merger entity is expected to trade as Citius Oncology, Inc. (CTOR) on Nasdaq.
In a related development, Citius Pharmaceuticals (Nasdaq: CTXR) announced FDA approval for LYMPHIR™, a treatment for relapsed or refractory cutaneous T-cell lymphoma. TenX and Citius Pharma are progressing towards closing the business combination in the near future.
TenX Keane Acquisition shareholders have approved the merger with Citius Pharmaceuticals' oncology subsidiary to form Citius Oncology, Inc. The vote took place at an extraordinary general meeting on August 2, 2024. The newly combined company is expected to trade on Nasdaq under the Citius Oncology name. This merger aims to support the commercialization of LYMPHIR, pending approval, and explore additional oncology assets. The transaction is anticipated to provide Citius Oncology with improved access to public equity markets. Subject to closing conditions, the merger is expected to be completed in the coming weeks. This strategic move positions Citius Oncology to advance its oncology pipeline and potentially strengthen its market presence in the biopharmaceutical sector.
Citius Pharmaceuticals (Nasdaq: CTXR) announced that shareholders of TenX Keane Acquisition (Nasdaq: TENK) have approved the merger with Citius Pharma's oncology subsidiary. The newly combined public company will be renamed Citius Oncology, Inc. and continue trading on Nasdaq. Key points:
- Citius Pharma to receive 65.6 million shares of TenX Keane
- Citius Pharma to retain approximately 90% majority control post-transaction
- Transaction expected to support commercialization of LYMPHIR, if approved
- Merger to provide improved access to public equity markets
- Positions company to explore additional targeted oncology opportunities
The merger is expected to be completed in the coming weeks, subject to customary closing conditions. Leonard Mazur, Chairman and CEO of Citius Pharma, expressed optimism about unlocking and growing the value of their oncology asset.
Citius Pharmaceuticals (Nasdaq: CTXR), a biopharma company, has outlined key milestones for the second half of 2024, hinging on two late-stage candidates: Mino-Lok® and LYMPHIR™. Mino-Lok® has shown positive Phase 3 results for catheter-related bloodstream infections (CRBSIs) and awaits FDA submission and a Type B meeting. LYMPHIR™, an IL-2-based immunotherapy for cutaneous T-cell lymphoma (CTCL), is under FDA review with a decision expected by August 13, 2024. If approved, Citius aims for commercialization in 2024, potentially benefiting from 12 years of exclusivity. The company is also advancing Halo-Lido, a topical treatment for hemorrhoids, and has secured $15 million to strengthen its financial position. Additionally, Citius plans to merge a subsidiary with TenX Keane Acquisition (Nasdaq: TENK) to form Citius Oncology, Inc., pending regulatory approval.
Citius Pharmaceuticals (CTXR) reported its fiscal Q2 2024 financial results and provided a business update. Key highlights include:
- The FDA accepted LYMPHIR's BLA with a PDUFA target date of Aug 13, 2024.
- Topline results for Mino-Lok’s Phase 3 trial expected in Q2 2024.
- Continued engagement with FDA for Halo-Lido’s development.
- Merger with TenX Keane Acquisition progressing, awaiting SEC and TENK shareholder approval.
- Completed a $15M direct offering in April 2024, extending cash runway to Dec 2024.
Financial highlights:
- $12.6M in cash as of Mar 31, 2024.
- R&D expenses decreased to $3.6M from $4.7M YoY; G&A expenses slightly decreased to $4.3M from $4.8M YoY.
- Net loss improved to $8.5M, $0.05 per share, from $10.5M, $0.07 per share YoY.
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