Patriot Scientific Extends Term for Possible Acquisition Deal with Oncotelic Therapeutics

Patriot Scientific (OTCMKTS: PTSC) reported in a recent 8-K filing that its subsidiary, Mosaic ImmunoEngineering, Inc., has agreed with Oncotelic Therapeutics, Inc. to extend the expiration date for a potential acquisition deal. The original agreement, detailed in a binding term sheet dated April 26, 2024, outlined Patriot Scientific’s intention to acquire certain technologies from Oncotelic, including necroptosis cancer therapies and proprietary Artificial Intelligence technologies.

Per the terms of the agreement, upon execution of the definitive agreement, Patriot Scientific would issue shares of its common stock valued at $15.0 million to Oncotelic. Additional milestones could allow Oncotelic to earn up to an extra $15.0 million in shares of common stock, depending on certain conditions being met.

The two companies have decided to extend the expiration date to June 30, 2025, to facilitate further negotiations towards finalizing the transaction. While both parties are actively working towards a potential deal, there is no guarantee that a definitive agreement will be reached.

The information provided in this filing, along with the associated exhibit, is intended for informational purposes and is not considered as filed under the Securities Exchange Act. These details are not incorporated by reference in any previous or future filings, except if expressly stated in a specific reference within such filings.

The 8-K filing also includes the submission of a Term Extension Letter dated December 31, 2024, as well as an Interactive Data File in Inline XBRL format. The parties involved will continue discussions in good faith as they aim to progress towards a potential transaction under the previously agreed-upon terms.

Investors and stakeholders are advised to stay updated on any further developments regarding the possible acquisition deal between Patriot Scientific and Oncotelic.

It is important to note that the information detailed in the 8-K filing is subject to potential changes and may not reflect the final outcome of the negotiations between the two companies.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Patriot Scientific’s 8K filing here.

About Patriot Scientific

Patriot Scientific Corporation operates as an intellectual-property licensing company. The company's Moore Microprocessor Patent portfolio that includes U.S. patents, as well as European and Japanese counterparts, which cover techniques that enable consumer and commercial digital systems ranging from PCs, cell phones, portable music players, communications infrastructure, medical equipment, and automobiles.