Sydney, Australia – In a significant development for the local cannabis industry, BOD Science Limited, a company renowned for its innovative approach to cannabis drug development and product innovation, has entered a new phase.
On April 8, 2024, creditors overwhelmingly endorsed a Deed of Company Arrangement (DOCA) with Biortica Agrimed Limited, marking a pivotal moment in BOD’s corporate journey. This arrangement was officially executed on April 24, 2024, promising a fresh start for BOD.
BOD Science, which has been under voluntary administration since late 2023, has found a robust partner in Biortica, a company that shares its vision for the advancement of cannabis-based products.
The agreement includes a $380,000 contribution to a deed fund by Biortica and outlines a plan for what is referred to as a Backdoor Listing. This strategic move will involve BOD Science acquiring the issued share capital of Biortica in return for issuing shares to Biortica’s shareholders and noteholders.
The integration of BOD’s R&D capabilities with Biortica’s resources could potentially accelerate the development of new, scientifically-backed cannabis products for both consumer and medical markets.
The deal hinges on several conditions, including the formalisation of a share purchase agreement and the approval of BOD’s structure and operations by the ASX, ensuring compliance with stringent market regulations. These steps are crucial for the fruition of the DOCA and for stabilizing BOD’s operations in a competitive market.
The successful revitalisation of BOD Science could serve as a beacon of strategic restructuring and innovation in the cannabis industry, not just in Australia but globally.
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For more on BOD Science and Biortica, visit their official websites and stay updated with us for further announcements.
For inquiries related to this announcement, please contact Andrew Barnden, Deed Administrator, at Rodgers Reidy.