Aptorum (NASDAQ:APM) stock is rocketing higher on Wednesday after the biopharmaceutical company announced a merger agreement with YOOV Group.
This will be a reverse merger that will see YOOV shareholders hold 90% of the combined company after the deal is complete. The remaining 10% will belong to current APM stockholders.
To go along with this merger, Aptorum majority investor Jurchen Investment and wholly-owned subsidiary Aptorum Therapeutics Limited will take part in a split. That will see this legacy business split into its own entity at the same time the merger takes place. It’s worth noting that Jurchen Investment is controlled by Aptorum Executive Director and CEO Ian Huen.
The merger already has the approval of the Boards of Directors of both Aptorum and YOOV. Now it just needs shareholders at both companies to approve it. The two companies don’t provide an expected date for the reverse merger.
How This Affects APM Stock Today
Investors are piling into APM stock on Wednesday alongside the merger news. That brings with it heavy trading as some 38 million shares have changed hands as of this writing. For the record, this is well above its daily average trading volume of about 6,500 shares.
APM stock is up 345.5% as of Wednesday morning.
Investors looking for more of the latest stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market stories traders need to know about on Wednesday! Among that is what has shares of BowFlex (NYSE:BFX) stock, Lucid (NASDAQ:LCID) stock and Yatsen Holding (NYSE:YSG) stock moving today. You can find out more on these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
