<SEC-DOCUMENT>0002001938-26-000004.txt : 20260303
<SEC-HEADER>0002001938-26-000004.hdr.sgml : 20260303
<ACCEPTANCE-DATETIME>20260303200331
ACCESSION NUMBER:		0002001938-26-000004
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20260227
FILED AS OF DATE:		20260303
DATE AS OF CHANGE:		20260303

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Makunje Moses
		CENTRAL INDEX KEY:			0002001938
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39351
		FILM NUMBER:		26718236

	MAIL ADDRESS:	
		STREET 1:		C/O NUVATION BIO INC.
		STREET 2:		1500 BROADWAY, SUITE 1401
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Nuvation Bio Inc.
		CENTRAL INDEX KEY:			0001811063
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				850862255
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1500 BROADWAY
		STREET 2:		SUITE 1401
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		332-208-6102

	MAIL ADDRESS:	
		STREET 1:		1500 BROADWAY
		STREET 2:		SUITE 1401
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Panacea Acquisition Corp
		DATE OF NAME CHANGE:	20200430
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-03042026_010328.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-02-27</periodOfReport>

    <issuer>
        <issuerCik>0001811063</issuerCik>
        <issuerName>Nuvation Bio Inc.</issuerName>
        <issuerTradingSymbol>NUVB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002001938</rptOwnerCik>
            <rptOwnerName>Makunje Moses</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O NUVATION BIO INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1500 BROADWAY, SUITE 1401</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>SEE REMARKS</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-02-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>50761</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>68137</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.91</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2026-02-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>224439</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2036-02-26</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>224439</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>224439</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents the grant of Restricted Stock Units (RSUs). Each RSU represents a contingent right to receive one share of Class A Common Stock upon settlement.  25% of the shares subject to the RSUs shall vest on the Issuer's quarterly vesting date following each of the first four anniversaries from 2/27/2026, subject to Reporting Person's continuous service on each such vesting date.</footnote>
        <footnote id="F2">Includes 1,001 shares acquired on May 19, 2025 and 1,100 shares acquired November 19, 2025 under the 2021 Employee Stock Purchase Plan.</footnote>
        <footnote id="F3">Option vests as to 25% on the one year anniversary of 2/27/26, and monthly thereafter over the following 36 months, subject to Reporting Person's continuous service on each such vesting date.</footnote>
    </footnotes>

    <remarks>Title: VP, Finance and principal financial and accounting officer.</remarks>

    <ownerSignature>
        <signatureName>/s/ Stephen Dang, Attorney-in-Fact</signatureName>
        <signatureDate>2026-03-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ex24-03042026_010331.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//IETF//DTD HTML//EN">
<html><head><title>ex24-03042026_010331.htm</title></head><body style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
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<p style="margin-top:5.333px; margin-bottom:0px; color:#252525">POWER OF ATTORNEY</p>
<p style="line-height:7.65pt; margin-top:5.667px; margin-bottom:0px; padding-left:43.267px; font-family:Lucida Console,Times New Roman; font-size:9pt; color:#252525">19-Mar-2025</p>
<p style="line-height:10.15pt; margin:0px; color:#252525">Date:</p>
<p style="margin-top:0.067px; margin-bottom:0px"><br></p>
<p style="margin:0px; padding-right:1.733px; color:#252525">Know all by these presents, that the undersigned hereby constitutes and appoints Philippe Sauvage and Stephen Dang of Nuvation Bio Inc. (the "Company"), or any of them signing singly, and with full power of substitution, the undersigned's true and lawful attorney-in-fact to:</p>
<p style="margin-top:13.933px; margin-bottom:0px; padding-right:5.867px; font-size:11pt">1. <b style="font-size:10pt; color:#252525;font-weight:normal;">prepare,</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">execute</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">in</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">the</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">undersigned's</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">name</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">and</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">on</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">the</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">undersigned's</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">behalf,</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">and</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">submit</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">to</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">the</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">U.S.</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">Securities</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">and Exchange Commission (the "SEC") a Form</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">ID, including</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">amendments thereto, and any other documents necessary or appropriate to obtain codes and passwords enabling the undersigned to make electronic filings with the SEC of reports required by Section 16(a) of the Securities Exchange Act of 1934 or any rule or regulation of the SEC;</b></p>
<p style="margin-top:0.133px; margin-bottom:0px"><br></p>
<p style="margin:0px; padding-right:6.667px; font-size:11pt">2. <b style="font-size:10pt; color:#252525;font-weight:normal;">execute</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">for</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">and</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">on</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">behalf</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">of</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">the</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">undersigned</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">with</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">respect</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">to</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">the</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">Company,</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">Schedules</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">13D</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">and</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">13G</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">and</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">Forms</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">3, 4, and 5 in</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">accordance with Sections</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">13 and 16(a) of</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">the Securities</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">Exchange Act of</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">1934</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">and the rules</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">thereunder;</b></p>
<p style="margin:0px"><br></p>
<p style="margin:0px; padding-right:11.467px; font-size:11pt">3. <b style="font-size:10pt; color:#252525;font-weight:normal;">do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">and</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">execute</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">any</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">such</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">Schedules</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">13D</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">or</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">13G</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">or</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">Form</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">3,</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">4,</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">or</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">5,</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">complete</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">and</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">execute</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">any</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">amendment</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">or amendments thereto, and timely file such form with the SEC and any stock exchange or similar authority; and</b></p>
<p style="margin-top:13.867px; margin-bottom:0px; padding-right:0.533px; font-size:11pt">4. <b style="font-size:10pt; color:#252525;font-weight:normal;">take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">that</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">the</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">documents</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">executed</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">by</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">such</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">attorney-in-fact</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">on</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">behalf</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">of</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">the undersigned</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">pursuant</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">to</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">this</b><b style="font-size:10pt; color:#252525;font-weight:normal;"> </b><b style="font-size:10pt; color:#252525;font-weight:normal;">Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.</b></p>
<p style="margin-top:0.067px; margin-bottom:0px"><br></p>
<p style="margin:0px; padding-right:0.267px; color:#252525">The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming any of the undersigned's responsibilities to comply with Sections 13 and 16 of the Securities Exchange Act of 1934.</p>
<p style="margin-top:0.133px; margin-bottom:0px"><br></p>
<p style="margin:0px; padding-right:1.867px; color:#252525" align="justify">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, and 5 with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.</p>
<p style="margin:0px"><br></p>
<p style="margin:0px; color:#252525">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of the date first written above.</p>
<p style="margin-top:0.067px; margin-bottom:0px"><br></p>
<p style="margin-top:0.067px; margin-bottom:0px"><u>/s/ Moses Makunje</u></p>
<p style="margin:0px; color:#252525">Moses Makunje, PAO, VP Finance</p>
<p style="margin:0px"><br></p>
<div style="width:61.733px">
<p style="margin-top:0.6px; margin-bottom:0px; padding-left:1.333px; width:61.733px; font-family:Arial; font-size:7pt; color:#252525">241052664 v1</p>
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</DOCUMENT>
</SEC-DOCUMENT>
