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707 Cayman Enters Term Sheet to Acquire Crucial Innovation; Shares Rise

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707 Cayman (JEM) said Tuesday it entered a non-binding term sheet to acquire Crucial Innovation, which is expected to advance 707's expansion into the pharmaceutical and botanical therapeutics sector.

The proposed deal, subject to closing conditions, is expected to be supported by nearly $10.3 million of financing led by a consortium led by GeoNova, according to a statement.

The parties will create a platform to accelerate global growth, supporting future acquisitions and building long-term shareholder value, according to the company.

Shares of 707 Cayman rose about 110% in Tuesday's trading.

Price: $8.02, Change: $+4.20, Percent Change: +109.95%

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