CBUS 8-K: Calyxt to merge with Cibus Global in reverse merger; existing Calyxt stockholders to own ~5% of combined…

Calyxt to merge with Cibus Global in reverse merger; existing Calyxt stockholders to own ~5% of combined company

Cibus, Inc.

Each Cibus membership unit converts into 3.17046 shares of Class A or Class B common plus non-voting Cibus units under Up-C structure.

Pre-Closing Calyxt stockholders expected to own ~5% of combined company; Cibus holders ~95% on fully diluted, as converted basis.

Expected closing in Q2 2023, subject to Calyxt stockholder approval, SEC S-4 effectiveness, and Nasdaq listing.

Cibus provides up to $3M interest-free revolver to Calyxt; increases to $4M if closing extended to June 30, 2023.

Supporting stockholders holding ~49.8% of Calyxt common committed to vote in favor of the transaction.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cibus, Inc. entered into Agreement and Plan of Merger with Cibus Global LLC, New Ventures I Holdings, LLC, BCGF CB Holdings LLC, BCGFCP CB HOLDINGS LLC, BCGFK CB Holdings LLC, FSBCGF CB Holdings LLC, PYLBCG CB Holdings LLC, FSGRWCO CB Holdings LLC, GROWTHCO CB Holdings LLC, GRTHCOCP CB Holdings LLC, GRWTHCOK CB Holdings LLC (effective 2023-01-13).

Action: entry
Agreement: merger
Counterparty: Cibus Global LLC, New Ventures I Holdings, LLC, BCGF CB Holdings LLC, BCGFCP CB HOLDINGS LLC, BCGFK CB Holdings LLC, FSBCGF CB Holdings LLC, PYLBCG CB Holdings LLC, FSGRWCO CB Holdings LLC, GROWTHCO CB Holdings LLC, GRTHCOCP CB Holdings LLC, GRWTHCOK CB Holdings LLC
Effective: 2023-01-13

Exact text from the filing

On January 13, 2023, Calyxt, Inc., a Delaware corporation (“ Calyxt ”), and Calypso Merger Subsidiary, LLC, a Delaware limited liability company and wholly-owned subsidiary of Calyxt (“ Merger Subsidiary ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ,” and the transactions contemplated thereby, the “ Transactions ”) with Cibus Global LLC, a Delaware limited liability company (“ Cibus ”); New Ventures I Holdings, LLC, a Delaware limited liability company (“ Blocker 1 ”); BCGF CB Holdings LLC, a Delaware limited liability company (“ Blocker 2 ”); BCGFCP CB HOLDINGS LLC, a Delaware limited liability company (“ Blocker 3 ”); BCGFK CB Holdings LLC, a Delaware limited liability company (“ Blocker 4 ”); FSBCGF CB Holdings LLC, a Delaware limited liability company (“ Blocker 5 ”); PYLBCG CB Holdings LLC, a Delaware limited liability company (“ Blocker 6 ”); FSGRWCO CB Holdings LLC, a Delaware limited liability company (“ Blocker 7 ”); GROWTHCO CB Holdings LLC, a Delaw

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