SRFF Team Led by Named-Partner, Marc J. Ross, Succeeds in Leveraging Unique Solution and Direct PIPE Investment Totaling $10 million
NEW YORK CITY – February 12, 2014. Sichenzia Ross Friedman Ference LLP (SRFF), a leading corporate securities law firm headquartered in New York City, represented UK-based Xenetic Biosciences PLC. (XEN), in connection with it’s reverse merger transaction with Xenetic Biosciences Inc., (GAIFD) in addition to a direct PIPE investment equaling $10 million in equity from Baxter International.
The SRFF team, which in addition to the firm’s named partner, Marc J. Ross as lead counsel included firm partner James M. Turner, leveraged a unique solution that hinged on a Section 3(a)(10) exemption. Companies headquartered outside the United States but desiring entrance into a reverse merger transaction into a U.S.- listed company such as Xenetic Biosciences Ltd. confront a significant issue that arises in the execution of how the securities will be issued.
Ross advised Xenetic Biosciences PLC in connection with the Scheme of Arrangement, a court-reviewed and approved transaction between a company and its shareholders whereby the court approves the fairness of the terms and conditions of the exchange of shares. In this Scheme, Xenetic was acquired by Nevada-based General Sales and Leasing; in connection with this acquisition, General Sales and Leasing changed its name to Xenetic Biosciences, Inc., and its ticker symbol.
In this series of transactions, the holders of all of the capital stock of Xenetic UK exchanged their shares for a total of 132,545,504 newly-issued shares of Xenetic Biosciences Inc. common stock; SRFF attorneys Ross and Turner additionally assisted the company in raising $10 million from Baxter International.
Avista Capital Partners
Last modified: 2013-12-16T13:14:39Z
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