- Over 99% of Awakn Life Sciences (CSE: AWKN, OTC: AWKNF) shareholders approved the acquisition by Solvonis Therapeutics (LSE: SVNS).
- The final court approval is set for April 28, 2025, with the transaction expected to close before May 31, 2025.
- Solvonis will acquire all of Awakn's outstanding common shares, RSUs, and DSUs.
Awakn Life Sciences Corp. (CSE: AWKN, OTC: AWKNF) has announced overwhelming shareholder approval for its arrangement with Solvonis Therapeutics plc (LSE: SVNS). This arrangement will result in Solvonis acquiring all of Awakn's outstanding common shares, restricted share units (RSUs), and deferred share units (DSUs). The approval was secured with over 99% support across all voting categories, showcasing strong investor confidence in the merger.
The special resolution received 99.89% approval from common shareholders, 99.92% from all securities holders voting as a single class, and 99.88% from minority shareholders, excluding the votes of Prof. David Nutt and Jonathan Held. The arrangement's completion is contingent upon final approval from the Supreme Court of British Columbia, scheduled for April 28, 2025. The transaction is expected to close before May 31, 2025.
Solvonis Therapeutics, a UK-based biotechnology company listed on the LSE, focuses on developing therapeutics for mental health and substance use disorders. Awakn Life Sciences, a clinical-stage biotechnology company, is dedicated to developing treatments for addiction, with a significant focus on alcohol use disorder, impacting millions globally.
