01:06 PM EST, 03/05/2024 (MT Newswires) -- Akari Therapeutics ( AKTX ) will merge with OTC-traded Peak Bio in an all-stock transaction giving each firm equal share of the combined company.

The companies said Tuesday the combined entity will operate as Akari Therapeutics ( AKTX ) and continue to use AKTX ticker on Nasdaq. The transaction is expected to complete during Q2, subject to approval by shareholders of both firms.

Akari Therapeutics ( AKTX ) is currently working on a treatment of fatal side effects of stem cell transplants, among other therapies. Peak Bio's pipeline includes a possible treatment of an inherent disorder that affects proteins that protect the lungs.

Akari stock was down less than 1% intraday.

Price: 2.23, Change: -0.02, Percent Change: -0.89