Millendo Therapeutics Inc. (NASDAQ: MLND) stock gained by 3.76% at the last close while the MLND stock price declines by 13.04% in the after-hours session. Millendo Therapeutics is a biopharmaceutical firm that was formerly focused on finding new medicines for endocrine disorders for which there are no or inadequate treatments. Millendo aims to develop unique and revolutionary therapies in areas where there is a critical medical need.
Millendo Therapeutics along with Tempest Therapeutics has released the outcomes of the proposals voted on by Millendo investors at a Special Meeting on June 22, 2021, today. At the Special Meeting, investors overwhelmingly approved all motions, including the planned merger between the businesses.
The merger is expected to be closed on or around Friday, June 25, 2021. The merged business will be called Tempest Therapeutics when the merger closes, and shares will begin trading under the ticker “TPST” on Monday, June 28, 2021, at the open of the market.
Tempest Therapeutics is a clinical-stage oncology business developing small compounds with the potential to cure a wide spectrum of cancers by combining targeted and immune-mediated mechanisms. TPST-1495 and TPST-1120, antagonists of EP2/EP4 and PPAR, respectively, are the company’s two innovative clinical projects.
Millendo Therapeutics’ board of directors were investigated by WeissLaw LLP for alleged violations of fiduciary responsibility and other legal infractions in connection with MLND’s proposed merger with Tempest Therapeutics. It was mentioned that the two firms will combine their businesses in an all-stock transaction under the terms of the merger agreement, resulting in a single merged corporation that will trade publically on the Nasdaq Capital Market.
Millendo shareholders are projected to possess roughly 18.5 percent of the combined firm after the merger, while Tempest stockholders would own approximately 81.5 percent of the combined company after the merger. And now after the stockholders voting results have been released which is in favor of the proposed merger, it has caused the MLND stock price to decline.