Advanced Inhalation Therapies Ltd. acquired AIT Therapeutics, Inc. (OTCPK:KKIC.D) in a reverse merger transaction.
January 20, 2017 at 04:00 am
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Advanced Inhalation Therapies (AIT) Ltd. entered into a definitive agreement to acquire KokiCare, Inc. (OTCPK:KKIC.D) in a reverse merger transaction on December 29, 2016. As part of consideration, KokiCare will issue 11.6 million ordinary shares and 0.8 million Series A preferred shares and these preferred shares can be converted into an equal number of ordinary shares. Advanced Inhalation Therapies will also acquire 0.5 million Ordinary Shares and promissory notes convertible into 1.4 million ordinary shares outstanding. Advanced Inhalation Therapies (AIT) Ltd. was considered as the accounting acquirer as per the terms of the transaction. Advanced Inhalation Therapies (AIT) Ltd obtained $10.2 million finance from Investors. KokiCare will operate as wholly-owned subsidiary of Advanced Inhalation Therapies.
The transaction is subject to regulatory approvals, government approval and third party consents. KokiCare, Inc. changed its name to AIT Therapeutics, Inc. effective January 9, 2016. AIT’s ticker "KKIC" will change to the ticker symbol on the 20th business day. As a result of the merger, the former business plan and management of AIT Therapeutics, Inc., previously known as KokiCare, have been replaced with the business and management team of Advanced Inhalation Therapies (AIT) Ltd. comprising of Ron Bentsur as Executive Chairman of the Board of Directors, Amir Avniel as President and Chief Executive Officer and Director, Yossef Av-Gay as Chief Scientific Officer and Director, Racheli Vizman as Chief Operation Officer, David Grossman as Director, Ari Raved as Director, Jerome B. Zeldis as Director and Steven A. Lisi as Director. Jason Lane, executive officer AIT Therapeutics, Inc. resigned at time of closing. Upon closing the Merger, AIT executive office will be in Rehovot, Israel office of AIT Ltd.
Gilbert J. Bradshaw of Wilson & Oskam, LLP acted as legal advisor for AIT Therapeutics, Inc. Craig V. Butler of Law Offices of Craig V. Butle acted as legal advisor for Advanced Inhalation Therapies (AIT) Ltd.
Advanced Inhalation Therapies (AIT) Ltd. completed the acquisition of AIT Therapeutics, Inc. (OTCPK:KKIC.D) in a reverse merger transaction on January 13, 2017.
Beyond Air, Inc. is a commercial stage medical device and biopharmaceutical company dedicated to harnessing the power of endogenous and exogenous nitric oxide (NO) to improve the lives of patients suffering from respiratory illnesses, neurological disorders, and solid tumors. The Company has received United States Food and Drug Administration (FDA) approval for its first system, LungFit PH, for the treatment of term and near-term neonates with hypoxic respiratory failure. It is advancing its other LungFit systems in clinical trials for the treatment of severe lung infections such as viral community-acquired pneumonia (including COVID-19), and nontuberculous mycobacteria (NTM) among others. It has also partnered with The Hebrew University of Jerusalem to advance a pre-clinical program dedicated to the treatment of autism spectrum disorder (ASD) and other neurological disorders. Its approved product and active pipeline of product candidates include LungFit PH, LungFit PRO and LungFit GO.