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news.Oracle Healthcare Acquisition has reached an agreement in principle with Precision Therapeutics or PTI to further amend the agreement and plan of merger by and among Oracle, a subsidiary of Oracle and PTI, providing for the acquisition of PTI by Oracle.
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Pursuant to the proposed amendment, the number of shares of Oracle common stock used in the calculation of the exchange ratio pursuant to which shares of PTI common stock would be exchanged for shares of Oracle common stock would be reduced from 22.5 million to 19.12 million shares, resulting in a reduction in the merger consideration to be issued, or reserved for issuance, at the closing of the merger to PTI stockholders and holders of options and warrants to purchase PTI stock by approximately 15%.
The number of shares of Oracle common stock that would be placed into escrow to satisfy any indemnification claims that may be asserted by Oracle would similarly be reduced by 15% from 2.25 million to 1.91 million shares.