On May 20, 2016, Cosmos Holdings Inc. entered into a non-binding Memorandum of Understanding with DOC Pharma SA, a company controlled by Grigorios Siokas, the Company's CEO, a director and principal shareholder. DOC Pharma SA located in Thessaloniki, Greece, is also an ISO certified and licensed GDP (Good Distribution Practices) wholesaler of pharmaceuticals. It is the owner of numerous licenses for generic medicines and uses its own network of pharmaceutical sales representatives to detail its products with doctors. The Company also sells name-brand medicines, food supplements, and cosmetics.
The purchase price to be determined is expected to be a combination of cash and shares of Cosmos stock. Closing of the transaction on or before December 31, 2016, is subject to execution of definitive exchange agreements, a full audit of DOC Pharma, satisfactory completion of due diligence of DOC Pharma, tax and legal considerations, and other customary closing conditions.