CVIECommercial Vehicle Information Exchange (MD, USA)
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In connection with the merger, Windtree and a direct wholly owned subsidiary of Windtree, issued shares of its common stock to CVie's former shareholders, at an exchange ratio of .3512 share of Windtree's common stock, in exchange for each outstanding share of CVie, resulting in the issuance of 16,265,060 shares of common stock.
Windtree plans to operate CVie and CVie Therapeutics Ltd.
In connection with the merger, Lee's Pharmaceutical Holdings Ltd., which owned 49.58% of the outstanding shares of CVie prior to the merger, agreed to indemnify the Windtree shareholders for losses resulting from any material inaccuracy in any representation or warranty made by CVie in the merger agreement and placed in escrow 984,000 shares of the merger consideration issued to Lee's affiliate in the merger for one year.
ScinoPharm will provide medicinal chemistry design and synthesis, while CVie will apply its biological know-how to screen and identify the new candidate.