Bionoid Pharma (BINP) has extended the effective period of a Letter of Intent (LOI) with Global Alerts Corp. The original LOI was set to expire on August 16, 2023, but has been extended to the earlier of the execution of a definitive agreement or November 14, 2023. This extension allows for thorough due diligence between the two companies. The CEOs of both companies emphasized their commitment to finalizing a transformative agreement for global emergency communication systems.
Bionoid Pharma, Inc. (“BINP” or the “Company”) (OTC PINK:BINP) is pleased to announce the extension of the effective period of a Letter of Intent (LOI), along with its exclusivity provisions, with Global Alerts Corp., as initially disclosed on March 22, 2023. The Company confirmed that the LOI, originally set to expire on August 16, 2023, has been extended to the earlier of: (i) the date of execution of a definitive agreement, or (ii) November 14, 2023. This extension facilitates the comprehensive due diligence process between Global Alerts Corp. and Bionoid Pharma.
Wayne Cockburn, CEO of Bionoid Pharma, expressed the significance of this extension, stating, “This marks a crucial stride toward finalizing a definitive and legally binding agreement that embodies the shared vision of both organizations. It is important to note that no other amendments to the Letter of Intent have been made.”
Dan Pacholik, CEO of Global Alerts, underscored the significance of the extension, emphasizing, “This extension, particularly with its exclusivity provisions, underscores our unwavering commitment to transforming global emergency communication systems.”
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For additional details regarding the proposed transaction, please refer to BINP’s news release dated March 22, 2023.
Source: BioSpace