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TenX Keane Acquisition, a pharmaceutical preparations company, has extended the timeline to complete its planned business combination with Citius Pharmaceuticals (NASDAQ:CTXR), Inc., and Citius Oncology, Inc. This extension, announced on Monday, marks the fourth one-month extension since April 18, 2024, with the new deadline set for August 18, 2024.
The extension was facilitated by a $66,667 deposit into TenX Keane Acquisition's trust account by Citius Pharmaceuticals, Inc., which acted as the designee of TenX Keane Acquisition's sponsor, 10XYZ Holdings LP. This deposit was made on July 17, 2024, to secure an additional month for finalizing the business combination.
The arrangement between TenX Keane Acquisition and Citius Pharmaceuticals is documented by an unsecured promissory note, indicating the amount deposited with no interest, to be repaid as per the terms set in their Merger Agreement dated October 23, 2023.
This strategic move comes as part of the third amended and restated memorandum and articles of association of TenX Keane Acquisition, which allows for up to seven one-month extensions beyond the original April 18, 2024 deadline, provided certain conditions are met, including financial contributions to extend the completion period.
The NASDAQ-listed TenX Keane Acquisition (NASDAQ:TENKU) has previously disclosed three extensions, each accompanied by an equal deposit, on April 26, May 17, and June 17 of 2024. These efforts reflect the ongoing commitment to finalize the merger with Citius Pharmaceuticals, a company focused on developing oncology therapies.
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