- Relief Therapeeutics Holding received shares of common stock from Sonnet, translating into 757,933 shares of listed common stock of Sonnet Holdings.
- Sonnet will acquire Relief SA’s all outstanding shares which becomes a wholly-owned subsidiary of Sonnet
Relief Therapeutics Holding SA is contemplating divestment of its subsidiary Relief Therapeutics SA following the closing of its Share Exchange Agreement (SEA) meant for the acquisition by Relief Therapeutics SA’s subsidiary of Sonnet BioTherapeutics Holding, Inc.—Sonnet BioTherapeutics, Inc.
Following the divestment, Sonnet will acquire Relief SA’s all outstanding shares which becomes Sonnet’s wholly-owned subsidiary. Reportedly, Relief Holding received shares of common stock from Sonnet, translating into 757,933 shares of listed common stock of Sonnet Holdings.
It is worth noting that the share valuation is in stark contrast when shares of Sonnet were transformed into Sonnet Holdings shares during its merger which closed on April 1 at nearly 0.106572 ratio of Sonnet Holdings shares per Sonnet share (7,111,947 shares were previously announced), considering Sonnet Holdings’ reverse stock split done instantly before the 26:1 merger.
The divestment is poised to enable Relief Holding to emphasize its resources to bolster Aviptadil, its principal asset, for pulmonary afflictions. According to reports doing rounds, the holding company will focus on the instant clinical testing of Aviptadil following the COVID-19 pandemic, especially Acute Respiratory Distress Syndrome (ARDS).
Chairman of Relief Holding Raghuram Selvaraju was particularly ecstatic seeing the closing of the agreement as he believes it will offer an unparalleled way forward for atexakin alfa to boost therapeutic upsides. He stated that it would provide a unique chance to underpin the clinical development of two drugs.
Echoing the lines of Raghuram Selvaraju, CEO of Sonnet Holdings Pankaj Mohan said that they are exalted to provide novel therapeutic solutions and Atexakin Alfa is ideal for the portfolio of initial-stage projects.