Kaival Brands Shares More Than Double on Delta Corp Holdings Merger

Dow Jones09-24

By Josh Beckerman

Kaival Brands Innovations Group shares surged after the company announced a merger agreement with Delta Corp Holdings, which has operations including logistics, fuel supply and ship management.

The stock more than doubled to $1.31 Monday, but it is still down about 69% this year.

Kaival, which distributes vaping products made by Bidi Vapor, plans to diversify into distributing other items including CBD products. The company said the Delta merger will have an implied price of $2.66 a share.

Kaival stockholders are expected to own about 10.3% of the combined company, with Delta shareholders owning about 89.7%.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

September 23, 2024 13:32 ET (17:32 GMT)

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