SOMAI Pharmaceuticals Inc. entered into Non-Binding Letter of Intent to acquire Rpk Biopharma, Unipessoal, Lda from Akanda Corp. (NasdaqCM:AKAN) for ?1.85 million on February 1, 2024. Transaction is subject to customary due diligence, representations and warranties, covenants, indemnities and closing conditions.

On February 27, 2024, Akanda announced the signing of a definitive Share Purchase Agreement and Escrow Agreement with Somai Pharmaceuticals Unipessoal, LDA. Under the terms of the Share Purchase Agreement, Somai will acquire RPK, Akanda?s indirect Portuguese subsidiary, for a total consideration of ?1.85 million and In accordance with the Escrow Agreement, a deposit of ?0.46 million has been placed into escrow, with the balance due upon fulfillment of the closing conditions, and ?1.39 million paid on closing The transaction is expected to close on March 22, 2024. The transaction is shareholder approval, satisfaction of all regulatory requirements and the fulfillment of certain other conditions.