JanOne Inc. (NasdaqCM:JAN) enter into a term sheet to acquire Soin Therapeutics LLC from Amol Soin on $30 million on September 16, 2022. JanOne Inc. entered into a purchase agreement to acquire Soin Therapeutics LLC on December 28, 2022. Under the purchase agreement, JanOne acquired Soin Therapeutics and its LDN product, now known as JAN123The acquisition includes its product also. This all-stock transaction has an initial value of $13 million, potentially increasing by an additional $17 million to up to a total value of $30 million , depending on revenues generated by the STLLC product.. As part of the consideration of the transaction, JanOne issued Soin shares of its Series S preferred convertible stock. shares of the Company's Series S Convertible Preferred Stock. At the closing of the transaction, JanOne issued 100,000 shares of its Series S Convertible Preferred Stock. Following completion of the transaction, JanOne will work to advance JAN123 through GMP manufacturing and into clinical trials. The Company anticipates filing an Investigational New Drug (IND) application in 2023 and beginning clinical development later in the year. For not less than six months after the closing and potentially up to approximately one year from the closing, Dr. Soin will remain our Chief Medical Officer. Randy Katz of Clark Hill PLC acted as legal advisor to JanOne. Gregory W. Bee and Tracey A. Puthoff of Taft Stettinius & Hollister LLP acted as legal advisors to Amol Soin.

JanOne Inc. (NasdaqCM:JAN) completed the acquisition of Soin Therapeutics LLC from Amol Soin on December 28, 2022.