The Cellect Biotechnology Ltd (NASDAQ:APOP) stock started off the week in the green as it ended with gains of 3% yesterday. While the gains might have brought the stock into focus among many investors, it is also necessary to keep in mind that there was no news about the company that might have led to such gains.
However, investors might have been reacting to an announcement from the biotech company last Friday. The company announced that the Form 4 it had filed with the United States Securities and Exchange Commission was deemed effective by the agency on August 12.
The Form 4 filed by the company was actually related to the merger of Cellect Biotechnology with Quoin Pharmaceuticals Inc. Quoin is a company which is privately held and is engaged with the development of products meant for the treatment of orphan as well as rare diseases.
In this context, investors ought to note that Cellect has also called a Special General Meeting of Shareholders on September 19. The company also noted that it believes that the transaction is going to be completed by September 30, 2021 provided all the closing conditions are actually met.