Algorithm Sciences, Inc. signed a letter of intent to acquire Hoth Therapeutics, Inc. (NasdaqCM:HOTH) in a reverse merger transaction on April 26, 2023. On a pro forma basis and based upon the number of shares of Hoth common stock to be issued in the merger, current Hoth shareholders are currently anticipated to own approximately 14% of the combined company and current Algorithm shareholders are currently anticipated to own approximately 86% of the combined company. The combined company will be named Algorithm Sciences, Inc. and be led by experienced biopharma executives, including Mike Tilton as CEO, David Cavalier as CFO and Anthony Zook, Algorithm's current Chairman of the Board, who will be nominated as Chairman of the combined company's board of directors.

The completion of the transaction remains subject to a number of conditions, including, but not limited to, among others, the completion of due diligence to Hoth's satisfaction, the negotiation and execution of definitive documentation and satisfaction of the conditions contained therein, completion of any required stock exchange and regulatory reviews, and approval of the transaction by Hoth's stockholders and Algorithm's stockholders. The Boards of Directors of both Hoth and Algorithm have unanimously approved the letter of intent.

Algorithm Sciences, Inc. cancelled the acquisition of Hoth Therapeutics, Inc. (NasdaqCM:HOTH) in a reverse merger transaction on May 12, 2023. Both Hoth and Algorithm have determined that a definitive merger agreement cannot be reached and it is in the best interest of both companies to terminate the letter of intent and continue to operate as separate companies.