NLS Pharmaceutics Ltd. stock is trading higher on Friday after the company’s merger with Kadimastem Ltd. was approved by Kadimastem shareholders.

The goal is to create a combined company with a portfolio of therapies for neurodegenerative diseases and diabetes. Once the merger is complete, Kadimastem will become a subsidiary of NLS.

“Receiving approval from Kadimastem’s shareholders is a significant step forward in the Merger process. We look forward to the potential benefits of bringing our two companies together and are committed to working collaboratively to advance innovative solutions in biotechnology,” said Alex Zwyer, CEO of NLS.

The merger has already been approved by the board of directors of both companies and a binding merger agreement has been signed. NLS is planning to convene a shareholder meeting for final approval of the merger.

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NLSP Price Action: At the time of writing, NLS stock is trading 30.2% higher at $2.57, according to data from Benzinga Pro.

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