Mast Therapeutics Inc (NYSEMKT:MSTX) and Savara Inc. updated on the pending closure of their planned merger. The combined firm’s common stock has obtained approval for being listed on the Nasdaq exchange under the ticker “SVRA.”
Mast Therapeutics reported that SVRA will be listed on the NASDAQ exchange after closure of the proposed merger. Till then, MSTX is anticipated to continue to list on the NYSE MKT. The company has provided report to the NYSE MKT of its plan to voluntarily withdraw its stock from listing on NYSE MKT pertaining to the closure of the merger and the new listing on Nasdaq.
Rob Neville, the CEO of Savara, reported that as home to many growth-oriented and innovative life science firms, Nasdaq is a right fit for company. They consider the move to Nasdaq exchange will offer strong visibility, good trading liquidity, and offer the firm with increased exposure to institutional investors.
Mast will conduct a special stockholders meeting to vote on matters pertaining to the planned merger with Savara in April. Its shareholders of record as of the business close on March 13, 2017 are authorized to get notice of, and to vote at this meeting. The deal is anticipated to close promptly after this special meeting, depending on the approval of the company’s stockholders and the meeting or waiver of the other conditions in the agreement between the firms.
The deal has been unanimously agreed by both companies’ boards. Mast Therapeutics urged its stockholders to vote in favor of the merger deal and the other applications set forth. Provided that company stockholder approval must surpass 50% of Mast’s due common stock known at the record date, every single vote in approval of proposal is extremely significant no matter how few or how many shares investors own. The merger will not proceed unless the reverse stock split, name change proposal and the merger itself are all approved.