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Tuesday, February 7, 2023

Vallon (NASDAQ: VLON) Announces Merger with GRI Bio

Vallon Pharmaceuticals, Inc. (NASDAQ: VLON) officially confirmed a merger with GRI Bio Inc. (GRI Bio), a privately held biotechnology company developing a novel pipeline of Natural Killer T (NKT) cell regulators for the treatment of inflammatory, fibrotic, and autoimmune diseases.

GRI Bio will combine with a wholly-owned subsidiary of Vallon in an all-stock transaction, according to the merger agreement. GRI Bio’s creative stream of NKT cell regulators for the treatment of inflammatory, fibrotic, and autoimmune diseases will be the priority of the merged company.

Furthermore, after the completion of the Merger, the merged company is anticipated to trade on The NASDAQ Capital Market (NASDAQ) under the ticker symbol “GRI” and will emphasize the advancement of GRI Bio’s pipeline. The deal is anticipated to be completed in the first quarter of 2023.

Additionally, the Merger Agreement proposed that Vallon will buy 100% of GRI Bio’s outstanding equity interests through a reverse triangular merger of a wholly owned subsidiary of Vallon with and into GRI Bio, with GRI Bio sustaining as a wholly owned subsidiary of Vallon. Vallon is anticipated to change its name to “GRI Bio, Inc.” following the completion of the Merger.

Shortly after the closing of the Merger and Financing, equity holders of GRI Bio are anticipated to own roughly 83% of the merged company’s outstanding equity on a fully diluted basis. On the other hand, equity holders of Vallon are anticipated to own roughly 17% of the merged company’s outstanding equity on a fully diluted basis.

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