** Shares of biotech company Renovaro up as much as 38.2% to $1.28 after announcing plans to acquire cancer therapy developer Predictive Oncology in an all-stock transaction
** Shares of Predictive Oncology surged as much as 58% to $1.90
** Both companies entered into a letter of intent for POAI to merge into RENB in exchange for a newly created preferred stock
** Each preferred stock will be issued to POAI shareholders for their existing share, according to the deal terms
** Deal also states that preferred stock is redeemable for $3 per share after 18 months, or can be converted to Renovaro common stock if RENB trades above $4.50 per share for 30 consecutive trading days
** Both companies agreed to enter into definitive documentation for the merger by Feb. 28, 2025, with deal being subject to the fundraising of $15 mln by Renovaro and formal approval by POAI shareholders
** POAI had announced its intent to explore strategic alternatives including a sale on Nov. 13
** RENB and POAI stock fell ~73% and 75%, respectively, last year
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))
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