Aditxt (ADTX) said Monday it will terminate its merger agreement with Appili Therapeutics, with plans of formal notification expected on May 31.

The company said the merger agreement had been amended several times to extend key milestones and accommodate changing circumstances.

"Despite these efforts, Aditxt has concluded that it is no longer strategically aligned to move forward under the terms of the agreement," it said.

Aditxt said the termination will eliminate about $16 million in closing obligations.

Shares of the company were up over 5% in recent trading.

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