Amplitude Healthcare Acquisition Corp (AMHC) shares plunged 6.69% in after-hours on Thursday, September 23, 2021, and closed the daily trading at $13.40. in the regular trading session of Thursday, AMHC’s stock soared 40.37% and closed the regular trading at $4.13 per share.
Let’s see why did it face negativity in the after-hours on Thursday?
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AMHC Shareholder Approved Business Combination
On September 22, 2021, the shareholders of Amplitude Healthcare Acquisition Corporation (AMHC) voted to approve the previously announced business combination with Jasper Therapeutics, Inc., and all other proposals presented at AMHC’’s special shareholder’s meeting.
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AMHC Merger background
On May 6, 2021, Jasper Therapeutics, Inc and Amplitude Healthcare Acquisition Corporation (AMHC) entered into a definitive business combination agreement. The combined company has been renamed Jasper Therapeutics, Inc., and its common stock is expected to be listed on Nasdaq under the ticker symbol JSPR in the coming days.
Jasper Therapeutics is expected to have an initial market capitalization of approximately 490 million dollars.
Jasper Therapeutics is expected to have cash resources of approximately $180 million at the closing of the transaction and it will be funded through a combination of approximately $100 million cash in trust by Amplitude and a $100 million concurrent PIPE of common stock issued at $10.00 per share. Jasper Therapeutics’ existing equity holders will roll 100% of their equity into the combined company.
Conclusion
The stock soared after the shareholder’s approval on 22nd September but we have no idea why did it decline in the after-hours on Thursday. Let’s see how the new company perform in the stock market under the JSPR ticker.
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About Jasper Therapeutics
Jasper Therapeutics is a biotechnology company focused on the development of novel curative therapies based on the biology of the hematopoietic stem cell.