08:42 AM EDT, 06/23/2025 (MT Newswires) -- Impact BioMedical ( IBO ) has agreed to merge with Hong Kong-based pharmaceutical firm Dr. Ashleys, the companies said Monday.

Under the deal, a merger subsidiary incorporated in Nevada as a unit of the newly formed combined entity will merge with and into Impact BioMedical ( IBO ), which will be the surviving entity.

The newly formed combined entity will acquire the shares of Dr Ashley Bio Labs, a Cayman Islands-exempted company holding all shares of Dr. Ashleys, the company said.

As a result of the transaction, the companies will become wholly owned units of the newly formed combined entity.

The merger and share exchange deal will result in a newly formed combined entity traded on the NYSE American called "Dr. Ashleys," the companies said.

Shares of Impact BioMedical ( IBO ) surged more than 203% in recent pre-bell activity Monday.

Price: 1.10, Change: +0.74, Percent Change: +203.78