ANCN - Anchiano shares rally 76% on Chemomab merger approval secures $45.5M capital raise

Anchiano Therapeutics (ANCN) soars 76% after-hours as its shareholders voted to approve the contemplated merger with Chemomab and the issuance of Anchiano ADSs in connection with the pending merger.Shareholders also approved a reverse split of ANCN's common shares, expected to take effect immediately prior to the closing of the merger. The combined company is expected to receive gross proceeds of $45.5M from the private financing, which will be used to advance the Chemomab pipeline.The private financing consists of the sale of ~41.9M ADSs and ~4.2M accompanying warrants at $1.08443 (pre reverse split).The five-year warrants will have an exercise price of $1.08443.in December 2020, Anchiano and Chemomab inked merger deal.

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Anchiano shares rally 76% on Chemomab merger approval, secures $45.5M capital raise