Moringa Acquisition, Silexion enter business combination agreement

Moringa Acquisition entered into a business combination agreement with Silexion, a clinical-stage, oncology-focused biotechnology company, that would result in Silexion becoming publicly listed on the Nasdaq. The business combination provides for Silexion’s pre-transaction equity value to be $62.5 million, based on a $10 share price. The business combination, which has been unanimously approved by the boards of directors of Silexion and Moringa, is expected to close in the third quarter of 2024, subject to the satisfaction of customary closing conditions, including the approval of Silexion and Moringa shareholders and Nasdaq approval of the initial listing of the combined company’s securities. Moringa will serve as the acquiring entity in the business combination, and is expected to issue 6.25 million shares to Silexion’s current equity holders pursuant to the transaction. The board of directors of the combined company will consist of seven members, of whom two will be appointed by Moringa’s sponsor.