Statera Biopharma, Inc. (OTCPK:STAB) (the “Company” or “Statera Biopharma”), a biopharmaceutical company creating next-generation immune therapies that focus on immune restoration and homeostasis, is pleased to announce it has entered into a non-binding letter of intent (the “LOI”) with Worksite Labs, Inc. (“WSL”), setting out the initial proposed terms and conditions pursuant to which the Company and Worksite Labs intend to affect a business combination by a merger structure to be determined involving the Company, one or more merger entities of the Company and WSL (the “Proposed Transaction”).
“We believe the proposed merger could enhance shareholder value and strengthen the company’s operating performance,” commented Michael K. Handley, Chief Executive Officer of Statera Biopharma. “The business model and mission of Worksite Labs aligns with our current strategies to diagnose and identify patients for treatment and increase shareholder value. “Furthermore, we look forward to working with our WSL colleagues to move the proposed transaction forward.”
The entities resulting from the Proposed Transaction are expected to continue to carry on the business of WSL as a premier, full-service diagnostic testing company that generated 2022 revenues of over $50 million (unaudited).
The Company intends to issue a subsequent news release with additional details regarding the Proposed Transaction, including the proposed capitalization of the Company on a post-merger basis, upon execution of the definitive agreements.
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“We are excited to announce the signing of the non-binding LOI with Statera Biopharma,” stated Gary Frazier, Chief Executive Officer of Worksite Labs. “We believe Worksite Labs is the leader in delivering diagnostic services to businesses and individuals in a decentralized model. By undertaking this transaction, Worksite Labs will have access to the capital markets which accelerates our business operations and acquisition strategy to ultimately fulfill our mission of creating more access and giving people greater power over their well-being.”
Completion of the Proposed Transaction is subject to, among other matters, the completion of due diligence, the negotiation of definitive agreements providing for the Proposed Transaction, and satisfaction of a number of conditions negotiated therein, including, but not limited to regulatory approvals including FINRA, and board of directors’ and shareholder approvals. There can be no assurance that the parties will successfully negotiate and enter into definitive agreements regarding the Proposed Transaction, or that the Proposed Transaction will be completed as currently contemplated, or at all.
Source: BioSpace