Welcome to our dedicated page for TenX Keane Acquisition Unit news (Ticker: TENKU), a resource for investors and traders seeking the latest updates and insights on TenX Keane Acquisition Unit stock.
TenX Keane Acquisition Unit (TENKU) is a blank check company that was recently incorporated with the aim of executing a business combination involving a merger, share exchange, asset acquisition, or similar transaction with one or more businesses. The company has recently finalized a proposed merger agreement with Citius Pharmaceuticals, Inc., announcing the creation of Citius Oncology, Inc., a public company that will focus on developing and commercializing novel targeted oncology therapies. Citius Oncology is actively seeking FDA approval for LYMPHIR, a unique IL-2 receptor targeted therapy for persistent or recurrent cutaneous T-cell lymphoma (CTCL), with potential applications in larger markets and as a combination therapy. The transaction is set to position Citius Oncology in the public equity markets and facilitate the commercialization of LYMPHIR and other value-creating opportunities.
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.
TenX Keane Acquisition (NASDAQ:TENKU) announced the closing of its initial public offering (IPO) of 6,600,000 units at an offering price of $10.00 per unit, generating $66,000,000 in gross proceeds. The IPO included a partial exercise of the underwriter's over-allotment option for 600,000 units. Each unit consists of one ordinary share and one right, with rights entitling holders to receive two-tenths of one share upon the initial business combination. The units began trading on NASDAQ under the symbol TENKU on October 14, 2022.
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