Akili (NASDAQ:AKLI) stock is rocketing higher on Tuesday after the digital medicine company provided investors with a positive corporate update.
According to this update, Shionogi has “canceled and forgiven” $5 million in debt owed by Akili. The company has also agreed to make payments for Akili’s SDT-001. That includes a $10.5 million upfront payment to cancel future royalty payments and milestone payments.
To go along with that, Akili is still eligible for up to $4.5 million in payments from Shionogi for development and support services. That includes $1.5 million paid upfront and a potential $3 million more from milestones.
Finally, Akili announced its intention to seek out strategic alternatives. This will see its Board of Directors work with outside advisors to determine the best outcome for investors in AKLI stock.
How This Affects AKLI Stock Today
AKLI stock is seeing heavy trading on Tuesday alongside its agreement with Shionogi. This has more than 76 million shares changing hands as of this writing. That’s well above its daily average trading volume of about 2.5 million shares.
AKLI stock is up 67.5% as of Tuesday afternoon.
There are more stock market stories for traders to sink their teeth into below!
We have all of the hottest stock market news ready to go on Tuesday! That includes what’s going on with shares of Marin Software (NASDAQ:MRIN) stock, Sensata Technologies (NYSE:ST) stock and Google layoffs. All of that info is ready to go at the following links!
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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.
