Alpha Holdings, Inc. (KOSDAQ:A117670) entered into a binding term sheet to acquire additional 35% stake in OncoSec Medical Incorporated (NasdaqCM:ONCS) for $9.34 million on January 14, 2020. Alpha will commence a $9.3 million all-cash tender offer to purchase 35% of the outstanding common stock of OncoSec at a purchase price of $2.50 per share. As of January 27, 2020, Alpha renewed its alternative financing proposal and provided a revised binding term sheet to OncoSec. Alpha's binding offer does not include a financing contingency. Upon closing of the tender offer, Alpha would have the right to appoint three additional directors to the OncoSec board, resulting in Alpha appointing four of the seven Director. The offer is subject to, among other things, termination of two Stock Purchase Agreements, dated October 10, 2019, between OncoSec and China Grand and OncoSec Sirtex Medical US Holdings, Inc., an affiliate of China Grand and resignation of Dan O'Connor, Avtar Dhillon and Punit Dhillon from all positions held at OncoSec. Transaction is subject to a minimum tender condition whereby upon the completion of the Tender Offer, Alpha will own at least 50.1% of the OncoSec Medical's common stock then outstanding; and a recommendation by the Board of Directors of OncoSec Medical to the stockholders of OncoSec Medical to accept the Tender Offer. The Board of OncoSec appointed a Special Committee composed of independent directors to carefully evaluate Alpha's proposal. A special meeting of OncoSec will be held on January 17, 2020. As of January 16, 2020, the OncoSec board rejected the offer based on multiple factors. The special meeting is postponed to February 7, 2020. The Binding Term Sheet will expire on February 1, 2020. Okapi Partners LLC acted as information agent for Alpha Holdings.

Alpha Holdings, Inc. (KOSDAQ:A117670) cancelled the acquisition of additional 35% stake in OncoSec Medical Incorporated (NasdaqCM:ONCS) on January 16, 2020.