Titan Pharmaceuticals Shares Double on Reverse Merger Deal
Source: marketwatch.com
Published:
By Michael Susin
Titan Pharmaceuticals shares rallied after the company entered into an agreement to combine with KE Sdn. Bhd. in a reverse merger. Shares in premarket trading on Tuesday more than doubled to $10.38. However, shares are down nearly 40% since the start of the year.
The development stage company said the agreement, which must still be approved by the shareholders of both companies, will result in it combining with KE in a two-step process.
TTNP Merger Sub, a subsidiary of BSKE, will merge with and into Titan, leading to Titan ultimately being the surviving corporation of the merger and a subsidiary of BSKE. Afterwards, shareholders of KE may elect to enter into a share exchange agreement with Titan and BSKE, which each KE shareholder can enter into.
Each KE shareholder entering into the agreement will contribute and exchange all of their KE shares in exchange for ordinary shares of BSKE.
