Arch Therapeutics deal
Arch Therapeutics (formerly Almah Inc.) reverse-merged with Arch Biosurgery Inc., with Arch Therapeutics remaining as the surviving entity. The company's AC5 is in preclinical development to achieve hemostasis in minimally invasive and open surgical procedures.
Former Arch Biosurgery shareholders received 2.5 shares of Arch Therapeutics stock for each Arch Biosurgery share held. Prior to the merger, Arch Therapeutics agreed to sell $2 million in units to Coldstream Summit Ltd. at $0.50 per unit. Each unit comprises a share and a one-year warrant to purchase a share at $0.75. Following the merger, former Arch Biosurgery shareholders hold 5.6 million shares, or about a 7.8% stake, in Arch Therapeutics, while existing and future investors in the Coldstream offering will have an 11.1% stake in the company. ...