BioAdaptives to issue preferred shares for 100% stake in Xycota
BDPT•BioAdaptives said it will issue preferred shares to Xycota Biosciences’ founders for all of Xycota’s membership interests; the shares will represent 40% of total voting power and economic ownership immediately upon issuance.
1. Terms of the transaction
BioAdaptives said it will issue Economic Preferred to Xycota Biosciences’ founders in exchange for 100% of the company’s membership interests. The Economic Preferred will represent 40% of total voting power and economic ownership immediately upon issuance; investors will receive convertible promissory notes for cash at a 10% original issue discount.
