STOCK TITAN

Hanmi acquisition of Aptose (OTC: APTOF) delayed again as $2M loan advanced

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Aptose Biosciences provided an update on its planned acquisition by Hanmi Pharmaceutical. Closing of the previously announced plan of arrangement has been further delayed because certain Korean regulatory approvals are still in progress, although the parties do not anticipate this review will prevent completion and now target closing in June. On financing, Aptose received an additional advance of US$2.0 million under a US$11.9 million loan facility from Hanmi, bringing total advances to US$9.9 million and expects the final US$2.0 million shortly. Upon completion of the arrangement, Hanmi is to acquire all Aptose common shares it does not already own for C$2.41 per share in cash, a 28% premium to the C$1.88 30‑day VWAP previously disclosed. The company notes these funds support uninterrupted conduct of the TUSCANY clinical trial of tuspetinib in newly diagnosed AML.

Positive

  • Bridge funding supports operations: Aptose received an additional US$2.0 million under the US$11.9 million Hanmi facility (total US$9.9 million to date), with a further US$2.0 million expected, helping sustain the TUSCANY tuspetinib clinical trial during the pending transaction.
  • Cash acquisition terms with disclosed premium remain in place: On completion of the arrangement, Hanmi is to pay C$2.41 per Aptose share in cash, a stated 28% premium to the prior 30‑day VWAP of C$1.88.

Negative

  • Further delay in closing the Hanmi transaction: Closing of the plan of arrangement has been pushed back again as certain Korean regulatory approvals remain in progress, adding timing uncertainty to completion of the all‑cash acquisition.
  • Explicit risks the transaction may not complete: The forward‑looking section lists multiple risks, including failure to obtain required approvals, competing proposals, and Hanmi Purchasers’ potential failure to pay the cash consideration, any of which could affect Aptose and its share price.

Insights

Sale to Hanmi faces timing delay but added bridge funding supports operations.

The update confirms the Hanmi–Aptose arrangement remains active but closing is pushed further out while Korean regulatory approvals continue. Management states they do not expect the review to block completion and now aim to close in June, framing this as a timing issue.

The acquisition terms remain at C$2.41 per share in cash, a disclosed 28% premium to the earlier C$1.88 30‑day VWAP. Meanwhile, Aptose has drawn another US$2.0 million from the US$11.9 million facility, totaling US$9.9 million, with a final US$2.0 million expected.

These loan advances, tied to Hanmi, help maintain the TUSCANY trial of tuspetinib in frontline AML while the transaction is pending. The filing also reiterates extensive forward‑looking and transaction risks, including the possibility the deal does not close if conditions are not satisfied.

Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Cash offer price C$2.41 per share Cash consideration per Aptose common share under the arrangement
30-day VWAP C$1.88 per share 30-day VWAP on TSX prior to entering the arrangement agreement
Offer premium 28% Premium of C$2.41 offer over C$1.88 30-day VWAP
Total facility size US$11.9 million Maximum principal under the Facility Agreement with Hanmi
New advance US$2.0 million Additional draw under the Facility Agreement announced in this update
Total received to date US$9.9 million Aggregate advances Aptose has received under the Facility Agreement
Expected final advance US$2.0 million Remaining amount Aptose expects to receive under the facility
plan of arrangement financial
"closing of the previously announced arrangement (the “Arrangement”) with Hanmi Pharmaceutical Co. Ltd."
A plan of arrangement is a formal, court-approved agreement that reorganizes ownership or assets of a company—such as merging businesses, exchanging shares for cash or other securities, or splitting off parts of the company. Investors should care because it can change the value, number, and rights of their holdings and is often binding once approved by both shareholders and a court, offering more legal certainty than a simple vote. Think of it as a legally supervised recipe for how a company will be reshaped and who ends up with what.
Facility Agreement financial
"as part of a US$11.9 million loan amended facility agreement (“Facility Agreement”)"
30-day VWAP financial
"represents a premium of 28% over Aptose’s 30-day VWAP of C$1.88"
Thirty-day VWAP is the average price at which a stock traded over the past 30 trading days, weighted by the number of shares traded at each price during that period. It matters to investors because it gives a clearer picture of the price buyers and sellers have actually paid—like a sales-weighted average for a store—and is used to judge whether current price action is fair, to benchmark trading performance, and to spot longer-term support or resistance levels.
TUSCANY clinical trial medical
"enable uninterrupted continuance of the TUSCANY clinical trial with tuspetinib in combination"
forward-looking information regulatory
"This news release contains “forward-looking information” and “forward-looking statements”"
Forward-looking information are predictions, plans, estimates or expectations about a company’s future performance, results or events, such as sales forecasts, project timelines, or anticipated costs. It matters to investors because these statements guide expectations but rely on assumptions and uncertain factors—like a weather forecast for a business—so investors should treat them as informed guesses rather than guarantees and consider the risks and possible changes behind the numbers.
acute myeloid leukemia medical
"for the frontline treatment of newly diagnosed AML."
A fast‑moving blood cancer that starts in the bone marrow and crowd out healthy blood cell production, leaving the body short of normal red cells, white cells and platelets. It matters to investors because the disease creates urgent medical need, drives demand for new diagnostics and treatments, and so clinical trial results, regulatory decisions and drug pricing can rapidly change the commercial prospects and valuation of companies working on therapies.
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False000088236100008823612026-05-292026-05-29iso4217:USDxbrli:sharesiso4217:USDxbrli:shares
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  May 29, 2026

_______________________________

Aptose Biosciences Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Canada001-3200198-1136802
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

66 Wellington Street West, Suite 5300

TD Bank Tower, Box 48

Toronto, Ontario M5K 1E6
Canada

(Address of Principal Executive Offices) (Zip Code)

(647) 479-9828

(Registrant's telephone number, including area code)

 

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneN/AN/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 
 
Item 7.01. Regulation FD Disclosure.

 

On May 29, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

In accordance with General Instruction B.2 of Form 8-K, the information in the press release attached as Exhibit 99.1 hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit Number Description
   
99.1 Press Release dated May 29, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 Aptose Biosciences Inc.
   
  
Date: May 29, 2026By: /s/ William G. Rice, Ph.D.        
  William G. Rice, Ph.D.
  Chairman, President, and Chief Executive Officer
  

 

EXHIBIT 99.1

Aptose Biosciences Announces Update on Anticipated Timing of Closing of the Plan of Arrangement with Hanmi Pharmaceutical

SAN DIEGO and TORONTO, May 29, 2026 (GLOBE NEWSWIRE) -- Aptose Biosciences Inc. (“Aptose” or the “Company”) (TSX: APS; OTC: APTOF) announced today that closing of the previously announced arrangement (the “Arrangement”) with Hanmi Pharmaceutical Co. Ltd. (“Hanmi”) and HS North America Ltd., a wholly owned subsidiary of Hanmi (“Hanmi Purchaser” and together with Hanmi, the “Hanmi Purchasers”), has been further delayed as certain Korean regulatory approvals pertaining to the Arrangement remain in progress. The parties do not anticipate that the review will prevent closing and continue to work toward completing the Arrangement that they now target for the month of June. The Company will provide a further update when available.

As previously disclosed in the Company’s news release dated November 19, 2025 (here), upon the completion of the Arrangement, Hanmi will acquire all of the issued and outstanding common shares of Aptose (“Common Shares”) that are not currently owned or controlled by the Hanmi Purchasers or their respective affiliates and shareholders of Aptose, other than the Hanmi Purchasers and their respective affiliates that hold any Common Shares, will receive C$2.41 in cash per Common Share, which represents a premium of 28% over Aptose’s 30-day VWAP of C$1.88 on the Toronto Stock Exchange for the period immediately preceding entering into the Arrangement Agreement.

The Company also announced that it has received an additional advance of US$2.0 million from Hanmi as part of a US$11.9 million loan amended facility agreement (“Facility Agreement”) announced prior on September 22, 2025 (here). To date, Aptose has received an aggregate of US$9.9 million under the Facility Agreement. Aptose expects to receive the final advance of US$2.0 million under the Facility Agreement in the coming days. These advances support Aptose and enable uninterrupted continuance of the TUSCANY clinical trial with tuspetinib in combination with venetoclax and azacitidine for the frontline treatment of newly diagnosed AML.

About Aptose

Aptose Biosciences Inc. is a clinical-stage biotechnology company committed to developing precision medicines addressing unmet medical needs in oncology, with an initial focus on hematology. The Company’s small molecule cancer therapeutics pipeline includes products designed to provide single agent efficacy and to enhance the efficacy of other anti-cancer therapies and regimens without overlapping toxicities. The Company’s lead clinical-stage compound TUS is an oral kinase inhibitor that has demonstrated activity as a monotherapy and in combination therapy in patients with relapsed or refractory AML and is being developed as a frontline triplet therapy in newly diagnosed AML. For more information, please visit www.aptose.com.

Forward Looking Statements

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. This information includes, but is not limited to, statements concerning our objectives, our strategies to achieve those objectives, as well as statements made with respect to management’s beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward- looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Forward-looking information in this news release includes, among other things, statements relating to the receipt of certain Korea regulatory approvals and the timing of closing of the Arrangement.

Risks and uncertainties related to the transactions contemplated by the Transaction include, but are not limited to: the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, shareholder and Court approvals and other conditions to the completion of the Transaction or for other reasons; the risk that competing offers or acquisition proposals will be made; the negative impact that the failure to complete the Transaction for any reason could have on the price of the common shares of Aptose or on the business of Aptose; Hanmi Purchasers’ failure to pay the cash consideration at completion of the Transaction; the business of Aptose may experience significant disruptions, including loss of employees due to transaction related uncertainty, industry conditions or other factors; risks relating to employee retention; the risk of regulatory changes that may materially impact the business or the operations of Aptose; risks related to the diversion of management’s attention from Aptose’s ongoing business operations while the Transaction is pending; and other risks and uncertainties affecting Aptose, including those described in filings and reports Aptose may make from time to time with the Canadian securities authorities. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the Company’s expectations as of the date of this news release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.

This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell, or an offer to sell or a solicitation of an offer to buy, common shares of Aptose.

For further information, please contact:

Aptose Biosciences Inc.
Susan Pietropaolo
Corporate Communications & Investor Relations 201-923-2049
spietropaolo@aptose.com

FAQ

What did Aptose Biosciences (APTOF) announce about the Hanmi acquisition timing?

Aptose announced that closing of its plan of arrangement with Hanmi has been further delayed while certain Korean regulatory approvals remain in progress. The parties now target completion in June and state they do not anticipate the review will prevent closing, though timing is not guaranteed.

What price will Hanmi pay per Aptose (APTOF) share under the arrangement?

Upon completion of the arrangement, Hanmi will acquire all Aptose common shares it does not already own for C$2.41 in cash per share. This consideration reflects a 28% premium to Aptose’s previously disclosed 30‑day VWAP of C$1.88 on the Toronto Stock Exchange.

How much loan funding has Aptose (APTOF) received from Hanmi so far?

Under the US$11.9 million Facility Agreement, Aptose has received an additional US$2.0 million, bringing total advances to US$9.9 million. The company expects to receive the final US$2.0 million advance in the coming days, subject to the facility’s terms.

What is the purpose of Hanmi’s loan facility to Aptose (APTOF)?

The advances under the US$11.9 million facility support Aptose’s operations, including uninterrupted continuation of the TUSCANY clinical trial. This study evaluates tuspetinib with venetoclax and azacitidine as frontline therapy for newly diagnosed acute myeloid leukemia (AML).

What key risks to the Hanmi–Aptose (APTOF) transaction does the company highlight?

The company cites risks that the transaction may not close on current terms or timing, or at all, due to regulatory, shareholder, or court approvals, competing offers, or Hanmi Purchasers’ failure to pay the cash consideration, alongside potential business disruptions and employee retention challenges.

How does Aptose (APTOF) describe the regulatory status affecting closing?

Aptose explains that certain Korean regulatory approvals related to the arrangement remain in progress, which has further delayed closing. Despite this, the parties do not anticipate the review will prevent completion and continue to work toward closing targeted for the month of June.

Filing Exhibits & Attachments

5 documents