Seneca Biopharma (NASDAQ:SNCA) stock is on the rise as investors prepare for an upcoming meeting covering a merger and reverse stock split.
Seneca Biopharma will be holding a shareholder meeting on Wednesday covering the two events. That includes its merger plans with Leading BioSciences. Its reverse stock split merger proposal is also connected to that merger.
The merger will have the new company operating under the name Palisade Bio. It will also see shares of SNCA stock switch over to the new PALI stock ticker. Its set to close in the first half of 2021.
The latest news concerning the meeting came out last Wednesday. At that time, Seneca Biopharma announced that independent proxy advisory firm Institutional Shareholder Services recommended shareholders vote in favor of the merger and reverse stock split.
Ken Carter, the chairman of Seneca Biopharma, said this during a press release.
“We are very pleased that ISS supports the Seneca board’s recommendation that stockholders vote “FOR” the proposals in support of the merger with LBS.” We believe and are confident that this transaction is the best strategic option for Seneca and its stockholders.”
It’s also likely that investors on Twitter (NYSE:TWTR) are sending shares of SNCA stock up today ahead of the news. SpaghettiCode recently Tweeted about the meeting on Friday to their more than 21,000 followers.
I am swinging $SNCA into 3/24 merger meeting. Only the run up. TRCH BYFC ANCN AYTU NEOS were all good on the way in. Avg $1.68 pic.twitter.com/C2IpUildP9
— SpaghettiCode (@SpaghettiCode4) March 19, 2021
All of the talk about SNCA stock today has shares experiencing heavy trading. As of this writing, more than 62 million shares of the stock have changed hands. That’s a massive spike compared to the stock’s daily average trading volume of about 3.34 million shares.
SNCS stock was up 23.8% as of Monday afternoon and is up 97.6% since the start of the year.
Seneca Biopharma isn’t the only company seeing major movement on Monday.
More than a few companies are seeing shares of their stocks take some major leaps today. Among those are space stocks Holicity (NASDAQ:HOL), and Vector Acquisition (NASDAQ:VACQ), as well as marijuana stock Sundial Growers (NASDAQ:SNDL) and others. Let’s check out today’s big movers below.
More Stocks on the Move
- Space Stocks: Why HOL, VACQ, NPA, SRAC and MAXR Are Rocketing Higher
- SNDL Stock: One Big Reason Sundial Growers Is Plummeting Today
- HOFV Stock: Hall of Fame Resort Stock Crosses $5 as Shares Surge Monday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
