RFAI Stock Explodes 473% After Hours on Nanyang Biologics Merger Approval
RFAI has more than doubled off its 52-week low of $8.94 on elevated volume (7.6× avg).
Summary
RFAI shares surged 473% to $73.00 in after-hours trading after shareholders approved the business combination with Nanyang Biologics, a Singapore-based biotech. The vote, held Wednesday and disclosed in an SEC filing Thursday, also approved governance changes and an equity incentive plan. Preliminary redemption requests total 3.95 million shares, though final figures await deal closing. This follows the August 14 extension approval and the going concern warning in the Q2 10-Q. The massive price move reflects the market's reaction to the merger's approval, with the stock now trading far above its 52-week high of $12.73.
At the time of this announcement, RFAI was trading at $73.00 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $106.2M. The 52-week trading range was $8.94 to $12.73. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Benzinga.