Renovaro (RENB) said Thursday it has received a court ruling to expedite a trial this year related to its lawsuit against Predictive Oncology (POAI), seeking to enforce a contested merger agreement between the two biotechnology firms.
The case, filed May 9 in the Delaware Court of Chancery, centers on a binding letter agreement signed Jan. 1 under which Predictive Oncology would merge into Renovaro in exchange for a new class of preferred stock, the company said.
Renovaro claims Predictive Oncology violated exclusivity and good faith terms by conducting a $545,000 securities offering on Feb. 19, allegedly in breach of the agreement, and then attempting to terminate the deal unilaterally in April without further negotiation, the company said, adding that the lawsuit seeks specific performance, injunctive relief, and damages.
Renovaro shares were up 10.7% while Predictive shares were down 9.2% in recent trading.
Price: 0.32, Change: +0.03, Percent Change: +10.58
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