Pressure BioSciences, Inc. (OTCPK:PBIO) entered into a definitive agreement to acquire CBH International LLC on January 11, 2024. Under the terms of the agreement, Uncle Bud's stockholders will be entitled to receive preferred stock of PBIO that is convertible into shares of PBIO common stock and no cash at the closing of the transaction. In addition, the parties agreed to an earnout for additional shares of PBIO common stock based on the achievement of revenue and net profit results in 2024.

Such shares will be subject to standard restrictions on resale. Upon the closing of the transaction, the combined company intends to become a leading provider of topicals and other consumer products, leveraging PBIO?s UltraShear technology platform for nanoemulsified products that deliver industry-leading speed of action and bioavailability. All employees of CBH International became employees of Pressure BioSciences and CBH International became the Consumer Products Business Unit of Pressure BioSciences.

The transaction has been unanimously approved by the Boards of Directors of both companies and is subject to customary closing conditions. Subject to the satisfaction or waiver of the closing conditions, the transaction is expected to close by January 19, 2024.