Enochian is developing an innovative proprietary technology in the field of HIV/AIDS. DanDrit believes that through the acquisition, Enochian's technology will enhance DanDrit's research and development efforts and add to its pipeline.
The stockholders of Enochian shall be entitled to receive as consideration (i) 50% of the number of shares of DanDrit's common stock issued and outstanding upon the acquisition, after giving effect to the acquisition, (ii) pro rata shares of DanDrit's common stock upon the exercise or conversion of any of DanDrit's stock options and warrants currently outstanding and (iii) expenses related to the acquisition.
DanDrit plans to change its name to Enochian ImmunoScience, Inc. and relocate to Los Angeles, California.
The acquisition is subject to customary closing conditions, and (i) Enochian will execute a perpetual, sole and exclusive license with Weird Science LLC for its intellectual property rights in its technology for the prevention, treatment and amelioration of HIV in humans satisfactory to DanDrit.
DanDrit, Weird Science LLC and a certain stockholder of DanDrit will enter into an Investor Rights Agreement and a Standstill & Lock-Up Agreement.
DanDrit will have $19,000,000 cash on hand, less a maximum of $1,000,000 of expenses related to the acquisition and (iv) DanDrit will execute agreements with certain persons affiliated with Enochian. DanDrit expects to finalize the acquisition on or before February 15th.