Shares of AeroClean Technologies (NASDAQ:AERC) shot up 48% in late morning action Tuesday, the day after it announced an all-stock merger with fellow air purification device maker Molekule.
AeroClean shares opened at $3.88, recently changing hands at $4.68 at approximately 10:55. The merger deal was announced after market close on Monday.
The combined company will be called Molekule, with shares trading under the symbol MKUL. The deal is expected to close during the first half of 2023.
After the closing, AeroClean shareholders will own 50.5% of the combined company, with Molecule shareholders holding 49.5%.
AeroClean shares have traded widely since they made their debut in late November. The stock hit a 52-week high of $117.35 on Nov. 29 and a 52-week low of $1.76 on May 12. Shares of AeroClean soared in June after the company announced FDA approval for its Purgo air sanitization technology, but had been trending downward since mid-July.
AeroClean (AERC) held its initial public offering on Nov. 24 , raising $25M. The shares rocketed to close nearly 700% higher following their market debut.
Image and article originally from seekingalpha.com. Read the original article here.