Erytech Pharma (NASDAQ:ERYP) stock is on the rise Tuesday after the company provided investors with a business update for Q1.
First up is the company’s planned merger with Pherecydes. Erytech Pharma says this effort is going well as it prepares for a special shareholder meeting on June 23, 2023. This will have investors voting for or against the deal.
So long as everything goes well, Erytech Pharma expects to close the deal soon after that shareholder meeting. However, it is dealing with problems from investor Akkadian Partners that may cause some problems. Akkadian Partners has a 4.83% voting stake in the company and intends to gain more.
The firm has said it intends to acquire as much as a 25% stake in the company. It’s doing so in an attempt to sway Erytech Pharma’s actions away from the Pherecydes merger without a controlling stake in the company. Erytech Pharma says these actions would be hostile and will respond appropriately.
ERYP Stock: Q1 Financial Data
Erytech Pharma notes that cash on hand at the end of Q1 2023 was 30.5 million euros. That’s down from the 38.8 million euros reported at the end of Q4 2022. This is due to several factors, such as spending 7.5 million euros on operation activities. That includes money spent to prepare for its upcoming merger with Pherecydes.
Today’s news also has ERYP stock seeing heavy trading. That has some 3 million shares of the stock on the move this morning. That’s already well above its daily average trading volume of about 10,000 shares.
ERYP stock is up 46.8% as of Tuesday morning.
Investors can find more of the most recent stock market news below!
We’ve got all of the biggest stock market stories for Tuesday! That includes the pre-market stock movers worth watching this morning, the latest on Arrival (NASDAQ:ARVL) stock, and more. You can find all that news at the following links!
More Tuesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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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.
