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Statera BioPharma enters LOI for merger with Worksite Labs
The Fly

Statera BioPharma enters LOI for merger with Worksite Labs

Statera Biopharma has entered into a non-binding letter of intent with Worksite Labs, setting out the initial proposed terms and conditions pursuant to which the Company and Worksite Labs intend to affect a business combination by a merger structure to be determined involving the Company, one or more merger entities of the Company and WSL. The entities resulting from the Proposed Transaction are expected to continue to carry on the business of WSL as a premier, full-service diagnostic testing company that generated 2022 revenues of over $50M. The Company intends to issue a subsequent news release with additional details regarding the Proposed Transaction, including the proposed capitalization of the Company on a post-merger basis, upon execution of the definitive agreements. Completion of the Proposed Transaction is subject to, among other matters, the completion of due diligence, the negotiation of definitive agreements providing for the Proposed Transaction, and satisfaction of a number of conditions negotiated therein, including, but not limited to regulatory approvals including FINRA, and board of directors’ and shareholder approvals. There can be no assurance that the parties will successfully negotiate and enter into definitive agreements regarding the Proposed Transaction, or that the Proposed Transaction will be completed as currently contemplated, or at all.

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