Benzinga's Microcap Movers for Monday June 4, 2012
Below are highlights from Benzinga's daily coverage of microcap securities making big moves:
Shares of Cleveland BioLabs (NASDAQ: CBLI), the Buffalo, NY biotechnology company, rose 62.99% Monday on 23 times the average daily volume.
Cleveland BioLabs announced Monday strong survival results for its randomized, blinded, placebo-controlled efficacy study of CBLB502 in 179 non-human primates conducted under Good Laboratory Practice with elements of Good Clinical Practice, as required by the U.S. Food and Drug Administration's Animal Rule. The study demonstrated with a high degree of statistical significance the dose-response relationship between the administration of CBLB502 and the survival of lethally irradiated animals, the study's primary endpoint.
Cleveland BioLabs closed at $2.07 on Monday.
Gushan Environmental Energy
Shares of Gushan Environmental Energy (NYSE: GU), the China-based biodiesel company, rose 46.15% Monday on 13 times the average daily volume.
Gushan Environmental announced Monday that it has entered into an agreement and plan of merger with Trillion Energy Holdings Limited, a British Virgin Islands business company
limited by shares, Trillion Energy Investments Holdings Limited, a Cayman Islands exempted company wholly-owned by Parent, and Mr. Jianqiu Yu, the Company's Chairman and Principal Executive Officer. Parent is wholly-owned by the Buyer. The Buyer beneficially owns approximately 34.8% of the Company's issued and outstanding ordinary shares and intends to finance the merger and the other transactions contemplated by the Merger Agreement with his own funds.
Pursuant to the Merger Agreement, (i) upon the terms and subject to the conditions set forth therein, at the effective time of the Merger, Merger Sub will be merged with and into the Company with the Company surviving the Merger and the Company will become a wholly-owned subsidiary of Parent, and (ii) each ordinary share of the Company, issued and outstanding immediately prior to the effective time of the Merger will be cancelled in exchange for the right to receive US$0.162 in cash without interest, except for the ordinary shares (x) beneficially owned by the Buyer, which will be cancelled without receiving any consideration, and (y) owned by holders of such ordinary shares who have validly exercised and not effectively withdrawn or lost their appraisal rights pursuant to Section 238 of the Cayman Islands Companies Law, as amended. This represents a 31.71% premium over the closing price as quoted by Bloomberg L.P. on February 23, 2012 and a 25.78% over the 30-trading day volume weighted average price as quoted by Bloomberg L.P. on February 23, 2012, the last trading day prior to the Company's announcement on February 24, 2012 that it had received a "going private" proposal.
Gushan Environmental closed at $1.33 on Monday.
Brownie's Marine Group
Shares of Brownie's Marine Group (BWMG), the Fort Lauderdale, FL manufacturer of hookah diving equipment, rose 196.15% Monday on 122 times the average daily volume.
A spokesperson for Brownie's Marine told Benzinga there was no specific news to account for Monday's move and said it was most likely due to recent positive announcements.
Brownie's Marine Group closed at $0.04 on Monday.
The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.