Biospectra, Inc. and BioSpectra Canada, Ltd entered into an agreement to acquire Polydex Pharmaceuticals Limited (OTCPK:POLX.F) for $6.9 million on April 26, 2023. BioSpectra, Inc. and BioSpectra Canada, Ltd will acquire all of the outstanding common and preferred shares of Polydex Pharmaceuticals for total consideration of $6.94 million, of which $6,924,980.02 will be paid for 3,432,478 common shares outstanding and $15,019.98 will be paid for 899,400 Class B Preferred shares outstanding. The price per common share is $2.017.

Polydex Pharmaceuticals will seek an interim order approving the deal from the Ontario Court of Justice. Following receipt of a favorable interim order, Polydex Pharmaceuticals will call a meeting of shareholders to obtain shareholder approval. On May 24, 2023, an Interim Hearing was held in the Ontario Court of Justice and the Interim Order was approved. A Special Shareholders Meeting is scheduled to be held on July 14, 2023 to vote on the acquisition. On July 14, 2023 relating to that upon shareholder approval of Polydex Pharmaceuticals Limited, Biospectra would acquire all of the outstanding common and preferred shares of the Polydex Pharmaceuticals Limited. The board of directors of Polydex Pharmaceuticals has unanimously approved the transaction. On July 18, 2023, shareholders approved with 99.95% of the votes present in person or by proxy approving the plan. Polydex Pharmaceuticals also received an interim order approving the deal from the Ontario Court of Justice, and will now seek a final order from the Ontario Court of Justice approving the Arrangement and authorizing its closing. Evans & Evans, Inc. acted as an independent financial advisor and provided fairness opinion to Polydex Pharmaceuticals.

Biospectra, Inc. and BioSpectra Canada, Ltd completed the acquisition of Polydex Pharmaceuticals Limited (OTCPK:POLX.F) on August 9, 2023. Each Polydex shareholder as of the effective time of the Arrangement will receive consideration in exchange for their shares. Polydex shares were de-listed as of the close of trading on August 7, 2023.