Cellect Biotechnology Ltd. (APOP) shares surged 12.82% in after-hours on Friday and closed the weekly trading at $4.40. In the regular trading session on Friday, APOP’s stock lost 2.26%. APOP shares have risen 27.87% over the last 12 months, and they have moved down 7.14% in the past week. Over the past three months, the stock has gained 48.85%, while over the past six months, it has declined 3.47%.
Let’s see was there any reason behind its loss on Friday?
SEC acknowledged APOP merger with Quoin Pharmaceuticals
On August 13, 2021, Cellect Biotechnology Ltd. (APOP) announced that its registration statement filed on Form F-4 with the Securities and Exchange Commission on August 10, 2021, was declared effective by the SEC on August 12, 2021. Form F-4 was filed in connection with the previously announced strategic merger with Quoin Pharmaceuticals, Inc., a privately held U.S.-based company focused on rare and orphan diseases.
The Company has scheduled a Special General Meeting of Shareholders for September 19, 2021, and anticipates closing the transaction by September 30, 2021.
Background of APOP merger with Quoin
On June 16, 2021, Cellect Biotechnology Ltd (APOP) filed a registration statement, including a joint proxy statement/prospectus with the Securities and Exchange Commission (SEC) in connection with its proposed strategic merger with privately-held Quoin Pharmaceuticals. The transaction is currently expected to close in the 2021 third quarter.
APOP Top Line data results from Phase 1/2 clinical trial of ApoGraft technology
On April 19, 2021, Cellect Biotechnology Ltd (APOP) reported positive data from the Company’s open-label Phase 1/2 clinical trial of its ApoGraft™ technology in Israel.
All eleven patients in the trial were engrafted promptly by using the ApoGraft product. The primary objective, safety and tolerability were met and there were no procedure-related adverse events.
Q4 & FY 2020 financial results announcement
On March 29, 2021, Cellect Biotechnology Ltd (APOP) released its financial and operating results for the fourth quarter and full-year ended December 31, 2020.
APOP Q4 2020 financial highlights
- Research and development (R&D) expenses for the fourth quarter were $0.53 million compared to $0.80 million in Q 4 2019.
- APOP suffered a comprehensive loss of $1.58 million or $0.004 per share in Q4 2020 compared to $1.89 million, or $0.008 per share, in the fourth quarter of 2019.
- General and administrative (G&A) expenses for the fourth quarter were $0.67 million compared to $0.74 million in the fourth quarter of 2019.
- Finance expenses for the fourth quarter of 2020 were $0.38 million compared to finance expenses of $0.35 million in the fourth quarter of 2019.
Conclusion
APOP Stock surged after the company reported the validity of SEC filing and it can continue to surge on Monday as well.
