TRxADE Health (MEDS) and Scienture said Friday they have completed their all-stock business combination valued at $103 million.
Under the deal, TRxADE acquired Scienture's assets in exchange for common stock and non-voting convertible preferred stock and will rebrand as Scienture Holdings and continue to trade on Nasdaq.
Scienture stockholders will own about 83% of the combined entity, while TRxADE stockholders will hold about 17%.
Suren Ajjarapu will remain chairman and chief executive officer of the combined company.
TRxADE shares rose more than 18% in recent trading.
Price: 13.54, Change: +1.84, Percent Change: +15.73
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