Aditxt (NASDAQ:ADTX) stock is rallying higher on Tuesday after the biotech company announced its plan to acquire Evofem Biosciences (OTCMKTS:EVFM).
According to a press release, Aditxt has agreed to acquire Evofem Biosciences in a deal worth $100 million. Part of this agreement has the company taking over Evofem’s senior secured debt. That will see it make several payments to the company’s senior secured debtholder over the next few years.
As for how the merger will go, shareholders of EVFM stock will trade their shares for ADTX stock. That will see Evofem Biosciences become a subsidiary of Aditxt and maintain its current leadership team.
Timing of the ADTX Stock Deal
The boards at both Aditxt and Evofem Biosciences have already given their unanimous support to the deal. Now, it just needs approval from shareholders and regulators. If all goes well, the two should close the deal in the first half of 2024.
Amro Albanna, co-founder, Chairman and CEO of Aditxt, said the following about the deal:
“At Aditxt, our mission is to make promising innovations possible together. Evofem represents precisely the kind of groundbreaking innovation that aligns with our mission. Aditxt will provide Evofem with a global platform to amplify their transformative innovation in women’s health.”
ADTX stock is up 57.9% and EVGM stock is up 150% as of Tuesday morning.
Investors who want more of the most recent stock market stories are in the right place!
We are offering up all of the hottest stock market news that traders need to know about on Tuesday! A few examples include what’s going on with shares of AMC Entertainment (NYSE:AMC), Eagle Bulk Shipping (NYSE:EGLE) and C4 Therapeutics (NASDAQ:CCCC) stock. You can catch up on these matters at the following links!
More Tuesday Stock Market News
- AMC Stock: AMC Just Cut $62 Million of Debt Off Its Balance Sheet
- EGLE Stock Pops as Star Bulk Buys Eagle Bulk for $500 Million
- Why Is C4 Therapeutics (CCCC) Stock Up 72% Today?
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not hold (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.
