Aethlon Medical to merge with North Immunology in $150M all-stock deal; $180M PIPE backs NOR-101

AETHLON MEDICAL INC

All-stock merger values North Immunology at $150M and Aethlon at $16.5M; closing expected by June 17, 2027.
North Immunology stockholders to own ~95.25% of combined company; Aethlon holders ~4.75%.
Oversubscribed $180M private placement ($146M cash + $34M notes) funds operations into 2H 2028.
NOR-101 (IL-13 x IL-18 bispecific) for atopic dermatitis: Phase 1a Q1 2027, Phase 1b/2b data 2028.
Legacy Aethlon assets to receive contingent value rights (CVRs) with no guaranteed payments.

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