By Colin Kellaher
Eyenovia on Thursday said it has signed a non-binding letter of intent to combine with clinical-stage pharmaceutical company Betaliq in an all-stock reverse merger.
Eyenovia said Betaliq investors will own about 83.7% of the combined company upon completion of the deal, while its current shareholders would own about 16.3%.
New York ophthalmic-technology company Eyenovia said the proposed transaction assumes a value of about $77 million for Betaliq and roughly $15 million for Eyenovia, which sports a market capitalization of about $3.51 million based on Wednesday's closing price of $1.67.
Trading in shares of Eyenovia was halted premarket on Thursday.
A reverse merger allows a private company to go public by merging with a public one at a lower cost than is involved in traditional initial public offerings.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 20, 2025 07:20 ET (11:20 GMT)
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