Stellar Biotech (NASDAQ:SBOT) shares were up more than 70 percent Friday morning following an 8-K filing late Thursday disclosing its board and Edesa Biotech approved a transaction that was originally disclosed on March 8.
During the fiscal second quarter, Stellar Biotech entered into a share exchange agreement with Edesa Biotech, a Canadian biopharmaceutical company. Under the terms of the agreement, Edesa Biotech shareholders agreed to exchange their shares of Edesa for newly-issued common shares of Stellar.
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An 8-K filing is a form used to notify investors in U.S. public companies of specified events that may be important to shareholders.
There has been some extreme volatility in momentum stocks this week. Obalon Therapeutics (NASDAQ:OBLN) shares rose triggered by a questionable rumor, while Soliton Inc (NASDAQ:SOLY) shares have more than tripled since Tuesday.
Stellar Biotech traded around $2.05 per share Friday morning, up 70.8 percent.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.