Ann: Immuron planned Acquisition of R&D Vaccine Company, page-90

I think that based on the AR summary we don’t know because we are not told who the target was presumably due to confidentiality.
It’s interesting to observe this summary of events in the Annual Report. It says the reason for the transaction not proceeding under a binding contract was the ASX and it’s requirements. Yet details of what the ASX requirements were are not provided. Nor is it stated if the due diligence found any concerns or issues with the ownership of the IP of the target or even confirmation of same or how it was able to not proceed with a binding contract either through break fees and/or reliance on key condition clauses such as regulatory approvals required by IMC. That could be identified in order to better explain why the ASX is being essentially identified as the reason for not proceeding.
So as we don’t know who the target is we don’t know if anything in the AFR is correct.
As the target is not mentioned there is no mention of an Iran connection at all and that the ownership in the IP and the location of the current trials may be in a country that doesn’t fall into the range of countries Australia and the US would usually conduct medical trials in. So the reasons for not proceeding at this time in its present form is not detailed and all we formally have.
So you pose a good question. Pity shareholders don’t have more information but IMC is presumably bound by confidentiality unless released by the target.