- The company will combine with Nobul AI.
- This will have Nobul AI taking over the operations of the combined company.
Check-Cap (NASDAQ:CHEK) stock is on the rise Tuesday as the clinical-stage medical diagnostics company announces a business combination with Nobul AI.
This deal will have Check-Cap hand of the reigns of the company to Nobul AI’s leadership team and shareholders. It will also result in the public company switching focus to the latter’s artificial intelligence (AI)-driven fintech marketplace business.
Paul Medeiros, Chairman of the board of directors at Check-Cap, said the following about the deal:
“Following a comprehensive and thorough review of strategic alternatives, Check-Cap’s Board of Directors concluded that the proposed transaction with Nobul is in the best interest of our shareholders. We intend to hold a special meeting of Check-Cap shareholders in the coming months to vote on this business combination.”
The Check-Cap Board and Nobul AI Board have already approved the deal. Now, they just need approval from regulators and shareholders. Kingswood Capital Partners LLC and ArcStone Securities and Investment Corp. acted as advisors to Check-Cap concerning the deal.
https://investorplace.com/2024/03/why-is-check-cap-chek-stock-up-44-today/
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