RE: Whats driving the share price?24 Jan 2025 15:07
Ey highlights:
· The Company entered into a Warrant Instrument ("Warrant Instrument") with Incanthera on 26 February 2020, whereby Incanthera created and issued Warrants to ImmuPharma to subscribe in cash at 9.5p per share, for 7,272,740 Ordinary Shares, valid until 6 September 2023. On 18 August 2023 Incanthera agreed with the Company to extend the Warrant Instrument by 12 months to 6 September 2024.
· Incanthera has now agreed with the Company to extend the Warrant Instrument to 31 March 2025.
· A cash consideration of £75,000 ("Consideration") has been paid by ImmuPharma to obtain the extension.
· Other than the change in the expiry period, all other provisions in the Warrant Instrument remain the same.
ImmuPharma currently owns no shares in Incanthera, having sold its previous holding of c9.9 million shares, as notified on 3 June 2024, at a price of 15p, realising proceeds of c.£1.5 million for the Company.
Tim McCarthy, ImmuPharma's Chairman & CEO, is also the Chairman of Incanthera and has a holding of 3,931,646 shares in Incanthera (3.36% of Incanthera's issued share capital).