Chembio Diagnostics, Inc. acquired FastPack® diagnostics business from Qualigen Therapeutics, Inc. (NasdaqCM:QLGN) for $5.8 million on July 20, 2023. The aggregate net purchase price paid to the Company for the Shares was $5.1 million in cash, based on a base purchase price of $5.8 million, subject to certain post-closing adjustments, upward or downward, as applicable, for: (i) cash held by the Subsidiary as of the closing of the Transaction; (ii) net working capital of the Subsidiary as of the closing of the Transaction, (iii) certain indebtedness of the Subsidiary as of the closing of the Transaction, and (iv) certain Transaction expenses as of the closing of the Transaction. In addition, $450,000 was deducted from the consideration received by the Company at the closing to be held in escrow for certain Company indemnification obligations. Any amounts remaining in the Indemnity Escrow that have not been offset or reserved for claims will be released to the Company within five business days following the date that is 18 months after the closing. Chembio Diagnostics acquired FastPack® diagnostics business in all cash transaction.

Chembio Diagnostics, Inc. completed the acquisition of FastPack® diagnostics business from Qualigen Therapeutics, Inc. (NasdaqCM:QLGN) on July 20, 2023.