04:28 PM EST, 12/05/2025 (MT Newswires) -- Pheton ( PTHL ) said late Friday it closed its acquisition of a 51% stake in iTonic.

The deal was completed under a stock purchase agreement in which Pheton ( PTHL ) issued 4 million newly issued class A ordinary shares to the selling shareholders, subject to performance milestones.

The company also issued warrants allowing them to purchase up to 3 million class A ordinary shares at an exercise price of $3.10 each, according to the company.

Shares of Pheton ( PTHL ) were up more than 10% in after-hours trading.