WARRINGTON, PA — Windtree Therapeutics, Inc. (OTC: WINT) will receive $7.5 million in cash and securities from TESI (OTC: TESI) after the two companies agreed to terminate discussions over a potential acquisition, the company announced.
Windtree and TESI had been exploring a deal that would have seen Windtree acquire Titan Environmental Services, Inc., a Michigan-based waste-management firm. The companies have now mutually agreed to walk away from the transaction. The signed letter of intent releases both sides from their remaining obligations tied to the previously contemplated agreement.
Windtree CEO Jed Latkin said the company is shifting focus toward other targeted opportunities aligned with its long-term goal of becoming a revenue-generating enterprise.
“Windtree is pleased to have signed this agreement, and we will focus our attention on other opportunities we have targeted as part of our corporate strategy,” Latkin said. He added that the company is nearing additional letters of intent and plans to update investors soon.
Windtree directed stakeholders to its public filings for further information.
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