Oncology And Infectious Diseases Focused Aptorum Stock Skyrockets 7X On Wednesday - Here's Why

Aptorum Group Limited APM shares are trading higher after the company announced a merger agreement with privately held YOOV Group Holding Ltd. 

Both companies’ boards have approved the Merger Agreement.

YOOV is a business artificial intelligence (AI) and automation platform to optimize various aspects of business operations. 

Aptorum is focused on discovering, developing, and commercializing therapeutic assets, particularly for oncology (including orphan oncology indications) and infectious diseases. 

Under the merger agreement, Aptorum’s subsidiary will merge into YOOV.

In addition, Aptorum, alongside its major shareholder Jurchen Investment Corporation, has initiated a significant restructuring process.

Aptorum’s major shareholder, Jurchen Investment, controlled by Ian Huen, Executive Director and CEO of Aptorum, has entered into a split-off agreement.

Under the split-off agreement, Aptorum will assign and transfer the assets and liabilities of its legacy business to Aptorum Therapeutics Limited, a subsidiary, and Jurchen will acquire 100% shares from Aptorum and surrender certain ordinary shares of Aptorum held by Jurchen to Aptorum.

This separation is effective immediately after the merger’s completion.

The existing Aptorum and YOOV shareholders expect to own approximately 10% and 90% of the outstanding shares of the combined company.

“We are pleased to announce our proposed reverse merger with YOOV Group Holding, which we believe will be in the best interest of our shareholders,” said Ian Huen, Executive Director and Chief Executive Officer of Aptorum Group. 

“YOOV is a promising AI-enabled software and automation platform. The merger is an exciting and important transaction that will take YOOV to listing on Nasdaq, which I believe will open further opportunities for the company to drive growth towards new heights,” Huen added. 

Price Action: APM shares are up 778% at $12.73 on the last check Wednesday.

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