Shares of Vital Therapies Inc. (VTL) soared as much as 186% after the company said late Thursday that more than 98% of its stockholders voted to approve the proposals required to complete the business combination with Immunic AG.
Approximately 98.82% of the shares voted at the special stockholder meeting voted in favor of the proposal.
As previously announced, the Boards of Directors of both Vital Therapies and Immunic unanimously approved the business combination.
Vital Therapies said it will change its name to Immunic Inc. by mid-April when the Exchange Agreement is expected to be consummated, and the shares will commence trading on the Nasdaq under the symbol “IMUX”.
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The shares touched a session-high of $0.60, up from the $0.21 close on Thursday and were trading at $0.57 on last look, or a gain of 172%.