Administrators for Bod Science have recommended a proposed deed of company arrangement (DOCA) under which Biortica Agrimed would acquire the firm and achieve a backdoor listing on the Australian Securities Exchange (ASX), as exclusively revealed by Cannabiz last week.
Under the terms of the DOCA, Biortica has agreed to contribute A$380,000 to a deed fund. The proposal outlines that ultimately, Bod will acquire the issued share capital in Biortica in consideration for the issue of shares in Bod to Biortica shareholders and noteholders, although not as part of the DOCA process.
Biortica’s Strategic Move
The acquisition of Bod Science by Biortica Agrimed represents a significant strategic move in the cannabis industry. By achieving a backdoor listing on the ASX, Biortica aims to enhance its visibility and access to capital markets. The deal underscores the growing interest in cannabis-related companies and their potential for growth.
Industry Implications
This development could have broader implications for the cannabis sector, as it highlights the increasing convergence of health, science, and investment. Investors and industry observers are closely watching the unfolding situation, anticipating how this move will impact the cannabis landscape in Australia and beyond.
A New Chapter
As the deal progresses, both companies are poised to enter a new chapter. The cannabis industry continues to evolve, and this acquisition could pave the way for innovative collaborations, research advancements, and market expansion.
