Venaxis (NASDAQ:APPY), closely-held Strand Life Sciences of India and its U.S. subsidiary, Strand Genomics, have terminated a series of transactions between the companies.
The termination affects an asset purchase agreement between Venaxis and Strand Genomics, and share sale agreements and investment agreements between Venaxis and Strand Life shareholders.
The transactions would have resulted in Strand Life owing directly and beneficially about 68% of the combined enterprise and the current shareholders of Venaxis owning about 32%.
“Venaxis, Strand Life and Strand Genomics determined that the transactions contemplated by a Master Agreement and other transaction agreements were not able to be completed timely, despite the parties’ respective best efforts, and the continued uncertainty was negatively impacting the efforts of the parties to advance their respective business plans,” Steve Lundy, CEO of Venaxis, said in a statement.
Mr. Lundy said Venaxis is evaluating the alternatives available to it in light of the termination of the various agreements.