Why Are Cellect Biotechnology (APOP) Shares Surging Today?

Cellect Biotechnology Ltd APOP has filed a registration statement with the SEC in connection with its proposed strategic merger with privately-held Quoin Pharmaceuticals Inc.
See the SEC registration document here.
In March, the companies entered into a reverse merger agreement.
Quoin is a specialty pharmaceutical company focused on rare and orphan diseases.
The transaction is expected to close in Q3 of 2021.
The Company believes the progress of Quoin’s clinical programs and the secured investments of $25.5 million will benefit and maximize Cellect shareholders.
After the deal completion, Cellect will be renamed Quoin Pharmaceuticals and will start trading under the ticker QNRX on NASDAQ.
Price Action: APOP shares are up 34.6% at $4.40 during the premarket trading session on the last check Thursday.

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