HomeTop MoversWhy Cellect Biotechnology Ltd. (APOP) stock surged on Monday?

Why Cellect Biotechnology Ltd. (APOP) stock surged on Monday?

Cellect Biotechnology Ltd. (APOP) shares gained 6.84% in after-hours on Monday, August 30, 2021, and closed the daily trading at $5.31. In the regular trading session of Monday, APOP’s stock surged 18.62% as well. APOP shares have risen 111.49% over the last 12 months, and they have moved up 16.39% in the past week. Over the past three months, the stock has gained 51.99%, while over the past six months, it has declined 39.61%.

Let’s have a brief discussion about its latest news.


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APOP recent financial results announcement

On August 24, 2021, Cellect Biotechnology Ltd. (APOP) reported financial and operating results for the second quarter ended June 30, 2021.

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Q2 2021 financial highlights

  • Research and development expenses were $0.42 million in Q2 2021 which were the same in Q2 2020.
  • General and administrative expenses were $0.86 million in Q2 2021 compared to $0.65 million in Q2 2020.
  • Finance expenses were $0.43 million in Q2 2021 compared to finance expenses of $1.63 million in Q2 2020.
  • It suffered a comprehensive loss of $1.7 million, or $0.004 per share in Q2 2021 compared to a total comprehensive loss of $2.7 million, or $0.007 per share, in the second quarter of 2020.

APOP Upcoming Special General Meeting

APOP has scheduled a Special General Meeting of Shareholders on September 19, 2021, to vote on the proposed strategic merger, and all shareholders and American Depositary Shareholders of Cellect Biotechnology Ltd. as of closed of business on August 19, 2021, are entitled to vote at the special meeting.

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.

SEC acknowledged the APOP merger

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.

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Conclusion

Well, as of this writing, we have no reason to justify its gains on Monday and we are not sure how it will perform in the coming trading session.

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