On September 4, 2026 Defence Therapeutics Inc. ("Defence" or the "Company"), (CSE: DTC, OTCQB: DTCFF, FSE: DTC), a publicly traded biotechnology and precision intracellular drug-delivery company, reported an update on its sharing agreement dated March 6, 2026 (the "Sharing Agreement") with Sorbie Bornholm LP ("SBLP") previously described in the Company’s news releases of March 9 and February 27, 2026.
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On March 6, 2026, the Company completed a non-brokered private placement in which it issued 17,445,455 units of the Company ("Units") at a price of $0.55 per unit for gross proceeds of $9,595,000.25 (the "Offering"). Of the Units issued under the Offering, 10,909,091 Units were subscribed for by SBLP and Sorbie Investments LLP for gross proceeds of $6,000,000 (the "Proceeds"). The common shares comprised in the Units (the "Placement Shares") were allotted to SBLP and Sorbie Investments LLP.
Pursuant to the Sharing Agreement, the Company would receive 18 monthly cash settlements (each, a "Settlement"), each determined by reference to a benchmark price of $0.7332 per common share. The amount payable to the Company under each Settlement is calculated based on a volume weighted average price for 20 trading days prior to each Settlement (the "20 Day VWAP") relative to the benchmark price, with the maximum permitted discount to the market price at the time. If the 20 Day VWAP is below the benchmark price, the Company will receive less than the monthly amount of $333,333; if the 20 Day VWAP exceeds the benchmark price, the Company will receive more than the monthly amount of $333,333. The final amount of each Settlement will depend on the Company’s future share price, which is subject to market fluctuations and may vary over time.
The Company has received the first Settlement in the amount of $182,623.49 as of the settlement date of August 14, 2026, against 606,060 Placement Shares released to SBLP. As of today, 10,303,031 Placement Shares are held in escrow in connection with the Sharing Agreement and there are 17 Settlement payments remaining.
(Press release, Defence Therapeutics, SEP 4, 2026, View Source;utm_medium=rss&utm_campaign=defence-therapeutics-provides-updates-on-sharing-agreement [SID1234670605])