UPDATE - Renovaro Inc. Announces Expedited Trial for 2025 Lawsuit to Enforce Binding Merger Agreement with Predictive Oncology
LOS ANGELES, May 22, 2025 (GLOBE NEWSWIRE) -- Renovaro Inc. (NASDAQ: RENB), a TechBio leader focused on next-generation diagnostics, drug discovery, and genetically enhanced cancer therapies, today announced that it has received a ruling to expedite a trial in 2025 for the lawsuit it filed on May 9, 2025, in the Delaware Court of Chancery against Predictive Oncology Inc. (NASDAQ: POAI), seeking to enforce a binding merger agreement executed on January 1, 2025.
According to the Verified Complaint, the companies entered into a legally binding Letter Agreement pursuant to which Predictive Oncology would merge into Renovaro in exchange for a newly created class of preferred stock. Following the public disclosure of the agreement in a Form 8-K filed by POAI on January 6, 2025, POAI's stock price rose by more than 50%.
Renovaro alleges that Predictive Oncology breached the agreement's exclusivity and good faith negotiation provisions by conducting a public offering of $545,000 in securities on February 19, 2025—despite contractual restrictions—and later attempting to terminate the agreement unilaterally on April 3, 2025, without engaging meaningfully in the negotiation of a definitive merger agreement.
'This transaction was intended to create strategic and shareholder value for both companies. Unfortunately, Predictive Oncology has disregarded its contractual commitments,' said a Renovaro spokesperson. 'We are pursuing legal remedies to enforce our rights and protect our shareholders' interests.'
The litigation seeks specific performance, injunctive relief, and damages for the alleged breaches. The case is pending in the Delaware Court of Chancery under Case No. 2025-0509.
About Renovaro Inc.
Renovaro https://renovarogroup.com/ aims to accelerate precision and personalized medicine for longevity powered by mutually reinforcing AI and biotechnology platforms for early diagnosis, better-targeted treatments, and drug discovery. Renovaro Inc. includes RenovaroBio with its advanced cell-gene immunotherapy company and RenovaroCube that is leveraging AI for multi-omic diagnostics and drug development, and BioSymetrics which specializes in contingent AI for precision neurology. For more information, visit www.renovarogroup.com.
Forward-Looking Statements
This release contains forward-looking statements, including those relating to the pending litigation and the proposed merger. These statements involve risks and uncertainties and are subject to change based on future developments. Renovaro undertakes no obligation to update any forward-looking statements except as required by law.
Investor Relations
Chris TysonExecutive Vice PresidentMZ Group - MZ North America949-491-8235RENB@mzgroup.uswww.mzgroup.us
For media inquiries, please contact:
karen@renovarocube.comSign in to access your portfolio
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
10 minutes ago
- Bloomberg
Vance Says He Hopes Musk Will 'Come Back Into the Fold'
In a podcast interview with Theo Von "This Past Weekend", Vice President JD Vance share his thoughts Musk's exit from the Trump administration and that he hopes Musk will 'Come Back Into the Fold". (Source: Bloomberg)
Gizmodo
10 minutes ago
- Gizmodo
Musk Deletes His ‘Really Big Bomb' Claiming Trump Appears in Epstein Files
In the middle of their very public breakup, a scorned Elon Musk decided to drop a 'really big bomb' on Donald Trump, accusing the president of appearing in the Epstein files. Sometime Saturday, it seems the billionaire decided he wanted to try to disarm that bomb, as he deleted his posts claiming that Trump has links to the famous child sex trafficker. Musk and Trump had been acting catty for a couple of days by the time Musk went nuclear, going back and forth over Musk's opposition to Trump's 'Big Beautiful Bill'—a proposal that includes the largest cuts to Medicaid and food assistance programs in history. Musk objected to the bill, but not because it would be devastating to low- and middle-income households, but seemingly rather because it was going to hurt his own bottom line by ending electric vehicle tax credits that Tesla benefits from. Musk tried to kill the bill by posting incessantly about it, creating a rift among Republicans who will essentially need everyone in the party to be on board in order to get the thing passed. Trump, annoyed, took some shots at Musk for his dissent, which led to Musk just blowing the whole thing up. He said Trump appeared in the Epstein files and 'That is the real reason they have not been made public.' Funnily, he also doubled down by saying, 'Mark this post for the future. The truth will come out.' Those posts are now deleted—though have, of course, been archived, screenshotted, and quoted many times over. So, too, has a post in which Musk supported the idea that Trump should be impeached. He hasn't gotten around to taking down his post claiming that Trump's tariffs will cause a recession, so, it's clear the two aren't fully ready to make up, even if there is a de-escalation. We're also starting to get more of a picture of what has been happening behind the scenes while these two air out each other in public. A report published Saturday by the Washington Post claims that Trump was 'dejected' during Musk's crash out, and tried to rationalize Musk's behavior by calling him 'a big-time drug addict.' Musk had apparently been acting erratically for quite some time (not exactly a shock if you've scrolled through his posts on Twitter for like, 30 seconds), and a reported physical conflict with Treasury Secretary Scott Bessent that saw Musk supposedly throw his shoulder into Bessent was the breaking point where the billionaire started to get pushed out, per the Post. Trump opted not to pour gasoline on the situation—a shocking decision from a guy not exactly known for his restraint—but also is apparently not interested in reconciling with Musk. An official within the administration told the Post that even if they do make up, 'It'll never be the same.'
Associated Press
20 minutes ago
- Associated Press
Hamlin undeterred by ruling siding with NASCAR in lawsuit filed by Jordan-owned 23XI and Front Row
BROOKLYN, Mich. (AP) — Denny Hamlin is unfazed that a three-judge federal appellate panel vacated an injunction that required NASCAR to recognize 23XI, which he owns with Michael Jordan, and Front Row as chartered teams as part of an antitrust lawsuit. 'That's just such a small part of the entire litigation,' Hamlin said Saturday, a day ahead of the FireKeepers Casino 400. 'I'm not deterred at all. We're in good shape.' Hamlin said Jordan feels the same way. 'He just remains very confident, just like I do,' Hamiln said. NASCAR has not commented on the latest ruling. 23XI and Front Row sued NASCAR late last year after refusing to sign new agreements on charter renewals. They asked for a temporary injunction that would recognize them as chartered teams for this season, but the Fourth Circuit Court of Appeals in Richmond, Virginia, on Thursday ruled in NASCAR's favor. 'We're looking at all options right now,' Hamlin said. The teams, each winless this year, said they needed the injunction because the current charter agreement prohibits them from suing NASCAR. 23XI also argued it would be harmed because Tyler Reddick's contract would have made him a free agent if the team could not guarantee him a charter-protected car. Hamlin insisted he's not worried about losing drivers because of the uncertainty. 'I'm not focused on that particularly right this second,' he said. Reddick, who was last year's regular-season champion and competed for the Cup title in November, enters the race Sunday at Michigan ranked sixth in the Cup Series standings. The charter system is similar to franchises in other sports, but the charters are revocable by NASCAR and have expiration dates. The six teams may have to compete as 'open' cars and would have to qualify on speed each week to make the race and would receive a fraction of the money. Without a charter, Hamlin said it would cost the teams 'tens of millions,' to run three cars. 'We're committed to run this season open if we have to,' he said. 'We're going to race and fulfill all of our commitments no matter what. We're here to race. Our team is going to be here for the long haul and we're confident of that.' The antitrust case isn't scheduled to be heard until December. NASCAR has not said what it would do with the six charters held by the two organizations if they are returned to the sanctioning body. There are 36 chartered cars for a 40-car field. 'We feel like facts were on our side,' Hamlin said. 'I think if you listen to the judges, even they mentioned that we might be in pretty good shape.' ___ AP auto racing:
