Quest PharmaTech Opposes OQPBIOM's Acquisition of AdBioTech Amidst Uninformed Acquisition Strategy.

Quest PharmaTech opposes OQPBIOM's acquisition of AdBioTech, citing lack of consultation and opposition to the use of AdBioTech to advance immunotherapy assets. Quest holds a 26.25% stake in OQPBIOM and was not informed or consulted about the acquisition. Quest CEO Dr. Madi Madiyalakan stated that the acquisition is not in the best interest of OQM or its shareholders and is evaluating legal options.

Quest PharmaTech has expressed its opposition to OQPBIOM's acquisition of AdBioTech, citing a lack of consultation and opposing the use of AdBioTech's assets to advance immunotherapy. Quest holds a 26.25% stake in OQPBIOM and was not informed or consulted about the acquisition. According to a statement from Quest CEO Dr. Madi Madiyalakan, the acquisition is not in the best interest of OQM or its shareholders, and the company is evaluating legal options [1].

The acquisition, which was announced on January 25, 2023, is part of OQPBIOM's strategy to expand its portfolio in the healthcare sector. However, Quest PharmaTech believes that the acquisition was not properly vetted and that the use of AdBioTech's assets for immunotherapy development is not aligned with OQM's strategic goals [2].

This opposition comes at a critical time for OQPBIOM, as the company has been facing regulatory scrutiny and compliance issues with Nasdaq. On December 11, 2024, OQPBIOM announced that it had received a notice from Nasdaq stating that it was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the SEC [3]. This notification has no immediate effect on the listing of OQPBIOM's shares on Nasdaq, but if the company fails to regain compliance, it could face delisting.

OQPBIOM has been working to regain compliance with Nasdaq Listing Rule 5250(c)(1) and has been granted an exception to file its Quarterly Reports on Form 10-Q for the periods ending March 31, 2024 and June 30, 2024 on or prior to October 14, 2024 [4]. However, the company's compliance issues have raised concerns among investors and financial professionals.

In light of these developments, investors should closely monitor the situation and consider the potential implications for OQPBIOM and its shareholders. The acquisition of AdBioTech and Quest PharmaTech's opposition to it could have significant impacts on OQPBIOM's future prospects and its ability to meet its regulatory obligations.

References:
[1] https://quantisnow.com/company/NVAC
[2] https://quantisnow.com/company/NVAC
[3] https://quantisnow.com/company/NVAC
[4] https://quantisnow.com/company/NVAC