Wellnex Life Limited (ASX:WNX) has announced revised terms for its proposed acquisition of Pain Away, aimed at reducing the upfront payment by AU$5.85 million, thereby minimizing dilution to shareholders. The completion payment for the acquisition will now be AU$13.95 million, including a target inventory of AU$1.15 million. A deferred consideration of AU$5.85 million will be paid in two equal installments over an 18-month period from the internal cash generation of the combined business.
To facilitate this revised agreement, Wellnex will issue 20 million fully paid ordinary shares at AU$0.05, which will be held in escrow until May 2024. The transaction is expected to be formally completed by September 22, 2023, with a sunset date set for October 16, 2023. Barclay Pearce Capital will lead the capital raising to complete the acquisition, and initial interest has been strong due to the improved transaction structure.
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