Cerebain Biotech Corp (OTCMKTS:CBBT) has given its most recent update, a move that sheds light on its Share Exchange Agreement with PKG. These two signed the deal back in February. Cerebain bought off PKG for about $2.34 Million. The terms of the agreement gave the company the right to make its payment in shares. In other words, it was a deal payable in shares of Cerebain’s common stock, and each share would go at a rate of $0.07 per share. The aggregate value would stand at about 33.47 Million shares.
Cerebain seems open to doing whatever it takes to succeed in the undertaking. For instance, it has expressed its willingness to move ahead and file a registration statement within a 6-month timeframe of the closing.
The company says it won’t let anything come between its efforts in the resale activities of the common stock registration. It was speaking about the stocks set aside for the PKG equity holders.
Cerebain seems more aggressive than ever, considering the strong efforts it has been making towards achieving business success. For example, how the company would push for the declaration of the registration statement. Practicability matters an excellent deal for the company as it continues to focus on ways to pay off some particular PKG liabilities. It might end up paying almost $3.91 Million, and that is according to the Share Exchange Agreement requirements.
Cerebain commits to pay off the amount as soon as possible. It promises that it will have handled the matter effective May 5, 2021.
The company has spoken out about what remains in PKG’s books, which is about $1.61 Million in liabilities. However, this will only happen upon the completion of the payments mentioned above.
Cerebain claims that it has already paid an aggregate of almost $1,275,000 to PKG as negotiations continue. It channeled the payment as a way to take care of certain liabilities.
Cerebain seeks to remain at the top of its game. It continues channeling efforts and resources to the development of top-notch medical devices and synthetic drug solutions.