secwatch.observer — SEC 8-K summary
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Issuer:     Acer Therapeutics Inc. (—)
CIK:        0001069308
Form:       8-K
Filed at:   2023-08-31T23:59:59+00:00
Accession:  0001193125-23-225725
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 1.02, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Acer to merge with Zevra; holders get 0.1210 ZVRA shares plus CVR with up to $81M in milestones
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- Each Acer share converts to 0.1210 Zevra shares and one CVR tied to OLPRUVA sales, regulatory approvals, and ACER-2820 milestones.
- CVR milestones include payments of $7M, $7M, $10M, $10M for OLPRUVA net sales of $35M, $50M, $100M, $200M; plus $12M, $10M, $20M for FDA approvals.
- Acer terminates Collaboration & License Agreement with Relief Therapeutics; pays $10M upfront, $1.5M later, plus royalties capped at $45M, total up to $56.5M.
- Zevra provides Acer with bridge loan up to $16.5M; $10M for termination payment, $6.5M for working capital, 12% PIK interest, secured.
- Stockholders owning ~25% of Acer shares sign voting agreement to support merger; lock-up agreements limit Zevra share transfers for 180 days post-close.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1069308/000119312523225725/0001193125-23-225725-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1069308/000119312523225725/d491213d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-225725

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