Stock Update (NYSE:MSTX): Mast Therapeutics Inc and Savara Announce Approval to List Common Stock on the Nasdaq Capital Market
Mast Therapeutics Inc (NYSEMKT:MSTX) and Savara announced that, pending completion of their proposed merger, the combined company’s common stock has been approved for listing on the Nasdaq Capital Market under the symbol “SVRA.” Trading on the Nasdaq Capital Market is expected to commence on the first business day after completion of the merger. Mast’s common stock is expected to continue to trade on the NYSE MKT until completion of the merger. Mast has provided notification to the NYSE MKT of its intent to voluntarily withdraw its common stock from listing and trading on NYSE MKT in connection with the completion of the merger and the move to Nasdaq.
“As home to many innovative and growth-oriented life science companies, Nasdaq is a natural fit for Savara,” said Rob Neville, Chief Executive Officer of Savara. “We believe the move to Nasdaq will provide strong visibility for our stock, good trading liquidity in our shares, and provide the company with greater exposure to institutional investors.”
Mast will hold a special meeting of its stockholders to vote on matters related to the proposed merger with Savara on April 21, 2017 at 9:00 a.m. Pacific Time. Mast’s stockholders of record as of the close of business on March 13, 2017 are entitled to receive notice of, and to vote at, the special meeting. The merger is expected to close promptly after the Mast special meeting, subject to the approval of the Mast stockholders and the satisfaction or waiver of the other closing conditions in the merger agreement between the companies.
On the ratings front, Cowen analyst Ritu Baral assigned a Hold rating on MSTX, in a report issued on December 30. According to TipRanks.com, Baral has a yearly average return of 7.5%, a 41% success rate, and is ranked #572 out of 4560 analysts.
Mast Therapeutics, Inc. is a biopharmaceutical company, which engages in developing novel therapies for serious or life-threatening diseases with significant unmet needs. It leveraging Molecular Adhesion and Sealant Technology, platform, derived from over two decades of clinical, nonclinical, and manufacturing experience with purified and non-purified poloxamers to develop vepoloxamer, which also known as MST-188.