By Michael Susin
TenX Keane Acquisition shares rose on early Monday after its shareholders approved the merger with a subsidiary of Citius Pharmaceuticals.
Shares at were up 18% in recent trading, reaching a record high at $14.55. TenX was one of the few stocks in positive terrain.
The New York-based company said its shareholders voted to approve the combination with the oncology subsidiary of Citius Pharmaceuticals.
The combined company will continue to trade on the Nasdaq stock exchange and is to be renamed Citius Oncology.
The company said the merger is expected to provide Citius Oncology with improved access to equity markets and to support the commercialization of its potential cancer treatment Lymphir, which is currently under biologics license application review.
The merger is expected to be completed in the coming weeks, subject to certain conditions.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
August 05, 2024 10:19 ET (14:19 GMT)
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