Todd C. Davis v. Next Frontier Holdings, Inc. and Benuvia, Inc.

CourtCourt of Appeals of Texas
DecidedApril 29, 2025
Docket03-24-00542-CV
StatusPublished

This text of Todd C. Davis v. Next Frontier Holdings, Inc. and Benuvia, Inc. (Todd C. Davis v. Next Frontier Holdings, Inc. and Benuvia, Inc.) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Todd C. Davis v. Next Frontier Holdings, Inc. and Benuvia, Inc., (Tex. Ct. App. 2025).

Opinion

TEXAS COURT OF APPEALS, THIRD DISTRICT, AT AUSTIN

NO. 03-24-00542-CV

Todd C. Davis, Appellant

v.

Next Frontier Holdings, Inc. and Benuvia, Inc., Appellees

FROM THE 368TH DISTRICT COURT OF WILLIAMSON COUNTY NO. 23-1914-C368, THE HONORABLE SARAH SOELDNER BRUCHMILLER, JUDGE PRESIDING

ME MO RAN DU M O PI N I O N

This interlocutory appeal arises from the trial court’s denial of Todd C. Davis’s

special appearance.1 Next Frontier Holdings, Inc. and Benuvia, Inc. (collectively, Plaintiffs) sued

Davis and others for business torts following a dispute concerning the sale of a Round Rock-based

pharmaceutical manufacturing facility and its assets. Davis filed a special appearance, which, after

limited discovery and a hearing, the trial court denied. For the following reasons, we affirm the

trial court’s order.

1 This opinion issues alongside a related appeal by co-defendant Murchinson Ltd. See Murchinson Ltd. v. Next Frontier Holdings, Inc., 03-24-00543-CV, (Tex. App.—Austin April 29, 2025, no pet. h.) (mem. op.). The two appeals arise from the same underlying case and share the same factual and procedural background. BACKGROUND

The underlying case concerns a dispute related to the acquisition of—and,

following the buyer’s default, subsequent resale of—a pharmaceutical manufacturing facility.

Plaintiffs are companies that develop, manufacture, and synthesize FDA-approved compounds for

pharmaceutical products. Next Frontier formed Benuvia, Inc. specifically to acquire two asset-

holding entities, Benuvia Manufacturing, Inc. and Benuvia Therapeutics, LLC, from Benuvia

Holdings, LLC2 (a Delaware corporation with its principal place of business in Florida) for $44.9

million. The Benuvia assets include the Round Rock-based pharmaceutical manufacturing facility,

which has approximately 70 employees, and its assets, plus intellectual property and FDA permits.

The seller-financed acquisition closed in December 2021. Plaintiffs paid with $18 million in

cash and a $26.9 million secured note, for which the acquired assets served as collateral. Todd C.

Davis (a Florida- and Massachusetts-based manager of Benuvia Holdings) signed the purchase

agreement on behalf of the seller, Benuvia Holdings, and Shannon Soqui (Next Frontier’s

executive chairman) signed on the buyer’s behalf.

As part of the acquisition, Murchinson (a Toronto-based investment advisory fund)

acted as “a subadvisor to certain indirect shareholders” of Benuvia Holdings. Cannvalate Pty.,

Ltd. (an Australian corporation with its principal place of business in Victoria, Australia) agreed to

invest $5 million into Benuvia for a ten-percent ownership interest. However, due to a fluctuation

in the exchange rate during the wire transfer, only $4,858,955.45 transferred to Benuvia Holdings

such that there was a $141,044.55 shortfall, which Cannvalate continued to owe to Benuvia. The

2 We refer to plaintiff Benuvia, Inc. as “Benuvia” and defendant Benuvia Holdings, LLC as “Benuvia Holdings.” 2 same day the acquisition closed, Benuvia signed a definitive agreement to merge with Jupiter

Wellness, Inc., a Nasdaq-listed company, in a transaction worth approximately $250 million.

During the acquisition, Sudhanshu “Sud” Agarwal served as a consultant for Next

Frontier, advising on technical, business, and FDA due-diligence matters. After the sale, Agarwal

was appointed to Benuvia’s board of directors and agreed to serve as its CEO, for which he

accepted a compensation package including 10% equity in Benuvia. Agarwal is a Malaysian and

Australian citizen, but he moved to Austin after accepting employment with Benuvia. During the

acquisition and his time as Benuvia’s CEO, Agarwal was also an owner of Cannvalate. After

Agarwal joined Benuvia as CEO, Marilynn Martin, then Next Frontier’s Business Development

and Integration Officer, was promoted to his Chief of Staff.

Agarwal and Plaintiffs’ relationship quickly deteriorated. Plaintiffs allege that soon

after Agarwal assumed his new role, he “demand[ed]” that his stock ownership in Benuvia be

increased from 10% to 50% and “threatened that, otherwise, he would ‘drive Benuvia into a

default’ on the Secured Note”—which Plaintiffs maintain was “owed to Defendant Murchinson

and Davis”—and “disrupt Benuvia’s pending $250,000,000 merger with Jupiter Wellness, Inc.”

Plaintiffs represent that they twice came to preliminary agreements with Agarwal, in which he

agreed to receive a stock-option grant representing additional equity in Benuvia, but Agarwal

“changed his mind and demanded more stock options, and reiterated his threat that, otherwise, he

would drive Benuvia into a default on the Secured Note and bankruptcy and disrupt Benuvia’s

merger with Jupiter Wellness.” Plaintiffs characterize the negotiations as “volatile” and resulting

in a “soured” relationship between Benuvia and Agarwal.

Meanwhile, Plaintiffs contend that beginning in January 2022, Agarwal and Martin

collaborated with Davis, Muna Said (Benuvia Holdings’ director), and Shiraz Noor (a Benuvia

3 Holdings employee) “to acquire Benuvia back from Next Frontier Holdings and to complete

several related-party banking transactions with Agarwal that were not approved by the Benuvia

Board and were against expressed instructions from [Plaintiffs] not to complete such transactions.”

Specifically, Plaintiffs assert that Benuvia informed Benuvia Holdings (through Davis) that all

discussions regarding the secured note, potential refinancing or restructuring of the note, and all

financial matters related to Benuvia should be conducted solely by Soqui on Benuvia’s behalf.

Benuvia insisted that Agarwal—then still Benuvia’s CEO—should not be contacted to discuss any

financing or capitalization matters.

Despite those instructions, however, Plaintiffs contend that Agarwal and Davis

“began meeting in secret . . . to discuss the potential acquisition of [the Benuvia assets] by Agarwal

from Benuvia Holdings after a default by Benuvia on the Secured Note.” To that end, Plaintiffs

allege that under Agarwal’s direction, Benuvia missed the first installment payment on the secured

note, after which Plaintiffs, Murchinson, and Benuvia Holdings agreed to defer and restructure the

payments. Plaintiffs maintain that “[t]his negative event, combined with unauthorized and

disparaging communications by Defendants” led the Jupiter Wellness merger “to fall apart,” and

on February 17, 2022, that merger officially terminated.

In their pleadings, Plaintiffs contend that Agarwal and Martin authorized, and

Benuvia Holdings processed, approximately $415,000 of “unlawful payments” in Benuvia funds,

including paying Cannvalate’s $141,044.55 debt to Benuvia Holdings and amounts Agarwal

personally owed to Benuvia Holdings. Plaintiffs maintain that the “final plan was two-fold:

(1) sabotage the Jupiter Wellness merger, and (2) force Plaintiffs to default on the Note so that

Benuvia Holdings could reacquire [the secured assets, including] the Round Rock facilities at a

UCC sale.” After discovering these actions, Plaintiffs state that they “immediately took action,”

4 including presenting the findings to the Benuvia board of directors, which terminated Agarwal

as CEO on March 22, 2022, and suspended him from the board after he refused to resign.3

Meanwhile, Benuvia signed a definitive agreement to merge with Pono Capital Corporation in a

deal worth $440 million.

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