11:20 AM EDT, 07/26/2024 (MT Newswires) -- TRxADE Health ( MEDS ) and Scienture said Friday they have completed their all-stock business combination valued at $103 million.

Under the deal, TRxADE acquired Scienture's assets in exchange for common stock and non-voting convertible preferred stock and will rebrand as Scienture Holdings and continue to trade on Nasdaq.

Scienture stockholders will own about 83% of the combined entity, while TRxADE stockholders will hold about 17%.

Suren Ajjarapu will remain chairman and chief executive officer of the combined company.

TRxADE shares rose more than 18% in recent trading.

Price: 13.54, Change: +1.84, Percent Change: +15.73