Sernova Shareholder Supports Proposed Merger with Seraxis
News related to:Sernova Biotherapeutics Inc · 2 min read
Steven Sangha, a key shareholder of Sernova Biotherapeutics Inc., has entered into a voting and support agreement with Seraxis Holdings, Inc., to back a proposed business combination between the two companies. The agreement, announced on September 11, 2026, is part of a broader arrangement that Seraxis has proposed to acquire all of Sernova's securities.
Under the terms of the arrangement agreement, dated September 7, 2026, Sernova shareholders will receive Seraxis securities in exchange for their Sernova shares. The exchange ratio is set at 0.0112746082 Seraxis common shares for each Sernova common share. For shares issued upon conversion of Sernova subscription receipts, the ratio is 0.0132400349 Seraxis common shares. These ratios are subject to adjustment under certain conditions.
Dr. Sangha, who holds a significant stake in Sernova, has agreed to vote all his Sernova securities, including any acquired in the future, in favor of the proposed transaction. He has also committed to restricting the disposition of his Sernova securities. Dr. Sangha currently owns and controls 39,703,667 Sernova common shares, 53,575,759 Sernova share purchase warrants, $2,900,000 principal amount of Sernova convertible debentures, and 2,540,237 options to acquire Sernova shares. These holdings represent approximately 10.5% of the outstanding Sernova shares on a non-diluted basis and 30.0% on a partially diluted basis, assuming the exercise of warrants and vested options.
Dr. Sangha's decision to support the proposed transaction underscores his commitment to the future of Sernova. He holds the Sernova securities for investment purposes and to support the transaction. Should the voting agreement be terminated, Dr. Sangha may choose to acquire additional Sernova securities or sell existing ones based on market conditions, reformulation of plans, and other relevant factors.
Sernova Biotherapeutics Inc., located at PO Box 29592 RPO Central Parkway, Mississauga, Ontario, L5A 4H2, will see its shares exchanged for Seraxis securities in the proposed transaction. A copy of Dr. Sangha's early warning report will be available on Sernova's profile on SEDAR+ at www.sedarplus.ca, and can also be obtained by calling David Burke at 917-751-5713.