JanOne to Sell GeoTraq to SPYR Technologies in USD 13.5 Million Transaction
May 31, 2022 By MarketDepth
JanOne Inc. (NASDAQ: JAN) reported that it has sold all of the assets and none of the liabilities of GeoTraq Inc., its wholly-owned subsidiary to SPYR Technologies Inc. “We believe this transaction further allows us to focus on our main business,” said Tony Isaac CEO of JanOne. “Right now, our priority is the development of drugs with non-addictive, pain-relieving properties, specifically JAN101 (formerly known as TV1001SR), which is a potential treatment for peripheral artery disease (PAD). This sale of our subsidiary will help us continue to fund the necessary clinical trials for JAN101.”
Purchase Includes Cash and Stock
Pursuant to the Purchase Agreement, the purchase price for GeoTraq was USD 13.5 Million, payable in cash and shares of SPYR’s common stock. At close, SPYR issued to JanOne 30,000,000 shares of its common stock and delivered to JanOne a five year Promissory Note initially which may be prepaid at any time without penalty.