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Impact Biomedical, Inc. (AMEX:IBO) stock is trading sharply higher Monday after the company announced a limited merger and share exchange agreement with Dr. Ashleys.
What To Know: Biopharmaceuticals developer Impact Biomedical and Dr. Ashleys entered into a strategic merger agreement under which Dr. Ashleys will acquire Impact Biomedical in a reverse merger. The combined company will be listed on the NYSE American under the name “Dr Ashleys Limited.”
The transaction is expected to create a new entity, with both Impact Biomedical and Dr. Ashleys becoming wholly owned subsidiaries of the new parent company. Dr. Ashleys will lead the combined company's operations and board of directors.
The deal is expected to help accelerate development and market reach for Impact Biomedical's pharmaceutical patents.
"We are thrilled to join forces with Dr. Ashleys Limited," said Frank Heuszel, CEO of Impact Biomedical. "Their global reach and financial strength will provide the resources and infrastructure needed to bring our innovations to market."
Impact Biomedical is a micro-cap stock with a total market capitalization of $4.38 million as of Friday’s close. Micro-cap stocks tend to be extremely volatile.
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IBO Price Action: At the time of writing, Impact BioMedical stock was up 373.6% at $1.71, according to data from Benzinga Pro.
Image via Shutterstock.
Posted In: IBO
