Jupiter Wellness & Next Frontier Pharmaceuticals Merge, Will Expand Cannabinoid & Psychedelics Drug Development

Jupiter Wellness, Inc. (NASDAQ: JUPW) announced Thursday that it is acquiring Next Frontier Pharmaceuticals, Inc., through a merger with a subsidiary of Jupiter Wellness.

Deal Details

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' -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 …

Full story available on Benzinga.com

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