Titan Pharmaceuticals, Inc. announced on August 19, 2024, that it had entered into a Merger and Contribution and Share Exchange Agreement with TalenTec Sdn. Bhd. This agreement outlines a proposed business combination where Titan will be combined with TalenTec in a reverse merger transaction. The transaction is expected to fundamentally reshape Titan's strategic direction and ownership structure.
Under the terms of the Merger Agreement, Titan is set to become a wholly owned subsidiary of Black Titan Corporation. TalenTec security holders are projected to hold approximately 79.89% of the combined company upon completion, while existing Titan security holders would hold approximately 20.11%. This significant shift in ownership indicates a new chapter for the company.
The proposed merger represents a critical strategic pivot for Titan, moving away from its previous focus on ProNeura-based product commercialization. The successful completion of this transaction is contingent upon approvals from both Titan and TalenTec stockholders, as well as the listing of Black Titan on the Nasdaq Capital Market. This merger is the primary catalyst for future value creation for the company.
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