WORK Medical Technology Investing $1M To Acquire 10% Stake In Neologics Bioscience

WORK Medical Technology Group LTD (NASDAQ:WOK) ("WORK Medical" or the "Company"), a supplier of medical devices in China, through its subsidiary, Work (Hangzhou) Medical Treatment Equipment Co., Ltd. and its subsidiaries in China, today announced that it has entered into an investment agreement (the "Investment Agreement") with Neologics Bioscience Inc. ("Neologics"), a Delaware-based medical technology company specializing in research and development of medical technologies, with a focus on the integration of artificial intelligence and medicine (the "R&D"), to invest US$1 million in cash to acquire a 10% equity interest in Neologics. Pursuant to the Investment Agreement, WORK Medical has agreed to subscribe for newly issued shares of Neologics, representing a 10% ownership interest on a post-investment basis. Following the investment, Neologics's total capital reserve will increase to US$10 million, with its existing shareholder retaining a 90% ownership interest. According to the Investment Agreement, WORK Medical has corporate governance rights commensurate with its 10% equity interest in Neologics, including, shareholder rights with respect to nominating board members. Additionally, WORK Medical has a right of first refusal to purchase any equity interests offered by Neologics, on terms no less favorable than those offered to third parties.