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Therapix Biosciences Ltd. (OTC Pink: TRPXY) has announced a complete replacement of its board of directors, bringing in six new members. Itschak Shrem has been appointed as Chairman, and Amitay Weiss will serve as the new CEO. Shrem, boasting over 40 years of experience, aims to guide the Company towards maximizing its potential and delivering returns to shareholders. The management change signifies a shift in leadership direction, with a focus on developing cannabinoid-based treatments for conditions like Tourette syndrome and obstructive sleep apnea.
Therapix Biosciences Ltd. (OTC Pink: TRPXY) announced that its American Depositary Shares (ADSs) began trading under the new ticker symbol TRPXY on July 8, 2020, following a suspension from Nasdaq on July 2, 2020. The Israeli court removed a temporary injunction that had restricted changes in share capital. The court ruling allowed the upcoming Annual and Special General Meeting of Shareholders to proceed as scheduled on July 28, 2020. Additionally, a previously announced private placement of ADSs has been terminated, meaning those ADSs will not be entitled to vote in the Meeting.
Therapix Biosciences Ltd. (Nasdaq: TRPX) received a Notice of Delisting from the Nasdaq Hearings Panel, effective July 2, 2020, regarding their American Depositary Shares (ADSs).
Additionally, an Israeli court granted a temporary injunction on June 30, 2020, halting the company from altering its share capital until a July 8 hearing. Consequently, a planned $2.6 million private placement will not proceed as scheduled.
Therapix Biosciences Ltd. (Nasdaq: TRPX) has entered into agreements for a private placement, issuing 5.2 million American Depositary Shares (ADSs) at $0.50 each, raising $2.6 million in total. Additionally, warrants for 2.6 million ADSs will be offered, exercisable at $0.50 starting six months post-issuance. If future sales occur below the exercise price prior to a public offering raising at least $10 million, the warrants' exercise price can be adjusted. The transaction is expected to close around July 1, 2020, and proceeds will be used for general corporate purposes.
