M&A - TITAN PHARMACEUTICALS INC

Form Type: 10-K

Filing Date: 2025-03-20

Corporate Action: Merger

Type: Update

Accession Number: 000182912625001934

Filing Summary: Titan Pharmaceuticals, Inc. is pursuing a merger with TalenTec Sdn. Bhd., outlined in a Merger and Contribution and Share Exchange Agreement signed on August 19, 2024. The transaction involves a reverse merger whereby Titan will merge with TalenTec, making Titan a wholly-owned subsidiary of BSKE Ltd. A proxy statement/prospectus is being prepared and filed with the SEC. The merger is subject to stockholder approval and other customary conditions. Titan has undergone significant management changes, including the resignation of CEO David Lazar and the appointment of Seow Gim Shen. The company has also sold certain ProNeura assets to Fedson for $2 million and issued preferred shares to The Sire Group for $9.5 million. These actions are part of Titan’s strategy to enhance stockholder value and streamline operations following a period of operational restructuring and financial adjustments.

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Form Type: 10-Q

Filing Date: 2025-01-03

Corporate Action: Merger

Type: Update

Accession Number: 000182912625000026

Filing Summary: Titan Pharmaceuticals, Inc. reports on its quarterly financials for the period ending September 30, 2024, including a net loss of $763,000 for the quarter and $3.916 million for the nine months ended September 30, 2024. The report outlines significant past activities including a strategic exploration initiated in December 2021 for alternatives to enhance stockholder value, resulting in a Merger Agreement with TalenTec Sdn. Bhd. approved on August 19, 2024. This proposed reverse merger aims to consolidate operations, with merged entity ownership likely skewed towards TalenTec shareholders. Key financial highlights include total current assets of $3.602 million, and a drop in common stock shares from 914,234 to 781,503 since the last report. The report also details a significant focus shift from commercial operations to product development, following the sale of the ProNeura assets on September 1, 2023, for a total of $2 million, along with potential future milestone payments.

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