SOLY - Soliton gains on Nasdaq delisting notice for sale to AbbVie

Soliton (NASDAQ:SOLY) jumped 12% after a Nasdaq delisting notice indicates the shares will be suspended this week after completing a sale to AbbVie (NYSE:ABBV). The merger is tentatively scheduled to close prior to market open on Dec. 16 and the stock will be halted following after-hours session on Dec. 15, according to the Nasdaq delisting notice. AbbVie agreed to buy Soliton for $550M, or $22.60/share, in May. Some risk arb investors were anxious after the company received a second request from the FTC in August. Investors believed the timeline for the FTC review would expire this week. Also see SA contributor Pinxter Analytics piece from May entitled "Soliton: A Smart Acquisition, Even As It Spoils Price Action Potential."

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Soliton gains on Nasdaq delisting notice for sale to AbbVie