Opexa Therapeutics Inc (NASDAQ: OPXA) is having an overwhelmingly strong morning so far today, and for good reason. The company announced that it has entered into an agreement to merge with Acer Therapeutics. This is leading to excitement among investors who are sending the stock upward. As is usually the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:57), OPXA is trading at $1.31 per share after a gain of $0.66 per share or 101.54% thus far today.
OPXA Gains On Acer Merger
As mentioned above, Opexa Therapeutics is having an overwhelmingly strong time in the trading session this morning after announcing that it has entered into a definitive merger agreement with Acer Therapeutics. Under this agreement, stockholders of Acer are will soon own approximately 88.8% of OPXA outstanding common stock on a pro forma basis. Current OPXA shareholders are expected to own approximately 11.2% of the company.
As part of the merger, Acer investors as well as new investors have committed to invest about $15.7 million in the combined company immediately prior to closing of the merger. In a statement, Neil K. Warma, President and CEO at OPXA, had the following to offer…
“We have chosen to combine with Acer following an extensive review of strategic alternatives. Acer’s lead asset, EDSIVO(TM), could be on the market within the next two years. This factor, together with Acer’s strategic vision, pipeline, the recently secured financing and Acer’s strong management team, provides Opexa shareholders with an opportunity for growth in the value of their shares.”
Stop wasting your time! Find winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping an incredibly close eye on OPXA. In particular, we’re interested in following the company through the proposed merger. However, the merger is still subject to customary closing conditions. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!