Jupiter Wellness, Inc. (NASDAQ: JUPW) announced Thursday that it is acquiring Next Frontier Pharmaceuticals, Inc., through a merger with a subsidiary of Jupiter Wellness.
Under the terms of the agreement, Next Frontier Pharmaceuticals' stockholders will receive convertible stock of Jupiter Wellness – convertible into 65 million shares of Jupiter Wellness common stock and no cash at the closing of the transaction.
In addition, the shares will be subject to a six-month standard lock-up agreement.
Jupiter Wellness has loaned $10.2 million to Next Frontier Pharmaceuticals, as part of the transaction, under a note secured by Next Frontier Pharmaceuticals' Texas-based synthetic cannabinoid manufacturing facility.
The transaction, which is expected to close in the first three months of 2022, has been unanimously approved by the boards of directors of both …