XTL Biopharmaceuticals Ltd. American Depositary Shares - $XTLB STOCK NEWS

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03/20/2024 10:15 AM

News

XTL To Aquire The Social Proxy

Rhea-AI Summary

XTL Biopharmaceuticals expands its IP portfolio by acquiring THE SOCIAL PROXY , a web data AI company, in a $1.5 million private placement deal. The acquisition aims to develop a unique ethical, IP-based platform for AI & BI Applications. The transaction includes issuing ADS's representing 44.6% of XTL's share capital and additional warrants for reaching financial milestones. The investment is supported by a private placement of $1.5 million, conditioned on shareholder approval. Social Proxy will operate as a fully-owned subsidiary, with its shareholders appointing two representatives to XTL's board of directors. The completion of the transaction is subject to negotiation of definitive agreements, due diligence, shareholder approval, and necessary approvals.

Rhea-AI Impact

Rhea-AI Sentiment

End-of-Day

128.85%

Nasdaq:XTLB

XTLB Rankings

#5317 Ranked by Market Cap

N/A Ranked by Dividends

XTLB Stock Data

Market Cap 13.35M

Float 413.26M

Institutions Ownership 4.55%

Short Percent 8.02%

Industry Research and Development in Biotechnology

Sector Professional, Scientific, and Technical Services

Website Link

Country United States of America

City New York

About XTLB

xtl biopharmaceuticals ltd. (nasdaq:xtlb, tase:xtlb.ta) is a clinical-stage biotech company focused on the development of pharmaceutical products for the treatment of autoimmune diseases including lupus. the company’s lead drug candidate, hcdr1, is a world-class clinical asset for the treatment of systemic lupus erythematosus (sle). treatments currently on the market for sle are not effective enough for most patients and some have significant side effects. robust clinical data on hcdr1 has been produced in three clinical trials with 400 patients and over 200 preclinical studies with data published in more than 40 peer reviewed scientific journals.