By Katherine Hamilton
NLS Pharmaceutics shares climbed on Monday after the company took the next step in its proposed merger with Kadimastem.
The stock is trading up more than 50% at $2.81. It is down about 30% from Nov. 5, when NLS first publicly detailed the merger agreement with Kadimastem.
NLS, a Swiss biopharmaceutical company focused on treating nervous system disorders, said Monday that it filed an F-4 registration statement with the Securities and Exchange Commission outlining its prospectus for the merger agreement.
If the merger is completed, Kadimastem, a cell therapy company, would become a wholly owned subsidiary of NLS and would be publicly traded on Nasdaq. NLS would issue common shares to Kadimastem to shareholders who, after the merger, would hold about 85% of the issued and outstanding NLS shares. Existing NLS shareholders would hold the remaining 15% if the merger closes.
A date for the merger has not yet been disclosed. In the filing, the companies said the merger agreement could be terminated if it is not closed by Jan. 31.
The companies plan to continue developing NLS's Dual Orexin Agonist treatment after the merger.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
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December 30, 2024 10:24 ET (15:24 GMT)
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