Titan Pharmaceuticals, Inc. ( TTNP ) closed regular trading at $5.00 per share on Tuesday, before surging 23% to $6.15 in after-hours trading following stockholder approval of a major business combination.

Check out the current price of TTNP stock here. 

Stockholders Approve Three-Way Merger

Stockholders of the biopharmaceutical company voted overwhelmingly to approve Titan’s proposed business combination with Black Titan Corporation and TalenTec Sdn. Bhd. at a special meeting held on Monday, according to an 8-K filing with the Securities and Exchange Commission.

Stockholder voting results for The Business Combination Proposal:

See Also: NovaBay Pharmaceuticals Stock Soars 48% After Hours, Following Special Dividend Declaration

Market Impact and Trading Metrics

The after-hours surge reflects investor optimism about the strategic merger. The California-based biotech has experienced significant volatility over the past year, trading in a range between $3.03 and $6.99. The company maintains a market capitalization of $6.70 million with an average daily volume of 39,920 shares.

According to Benzinga Pro data, before the announcement, TTNP had gained 1.11% during regular trading hours on Tuesday, adding $0.055 to close at $5.00 per share.

Nasdaq Compliance and Closing Conditions

Stockholder voting results for the Nasdaq Proposal and the Adjournment Proposal:

The merger still remains subject to additional closing conditions, including approval for listing Black Titan ordinary shares on The Nasdaq Stock Market. The original Merger and Contribution and Share Exchange Agreement was dated August 19, 2024.

Benzinga’s Edge Stock Rankings indicate that TTNP has a positive price trend across all time frames.  Find out the stock value of industry players.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.