Odyssey Health provides update on asset purchase agreement with Oragenics

Odyssey Health is providing an update on its Asset Purchase Agreement with Oragenics. When the Asset Purchase Agreement is consummated, Odyssey will receive eight million shares of Oragenics Series F Convertible Preferred Stock at the close of the transaction. Oragenics has approximately 2.5 million shares of common stock outstanding. The preferred stock converts to Oragenics common stock on a one-to-one basis. In addition, Odyssey will receive $1 million in cash, of which $500,000 was paid on signing and $500,000 will be paid on the sooner of ninety days from the October 4, 2023, signing of the agreement, or on the successful proxy vote of the Odyssey stockholders. The Company believes that asset sale is in the best interest of stockholders and provides many benefits. The 8 million shares of Series F Preferred Stock will become an asset of Odyssey. Oragenics has the resources and cash, as well as the ability to raise additional capital to fund the development of the platform technology and begin the clinical trials for the concussion drug. The transaction is expected to close in the fourth quarter of 2023, subject to the satisfaction of various closing conditions, including approval of the transaction by Odyssey’s shareholders and approval of the conversion of the Series F Preferred Stock by Oragenics shareholders.