Benzinga | Jun 17, 2021 05:57AM EDT

Cellect Biotechnology Shares Trading Up 40% Premarket; Co Announced Wednesday, Filed a Registration Statement in Connection with Proposed Strategic Merger Agreement with Quoin Pharmaceuticals

Cellect Biotechnology Ltd. (NASDAQ:APOP), a developer of innovative technology that enables the functional selection of stem cells, announced today that it has filed a registration statement, including a joint proxy statement/prospectus ("Proxy Statement"), with the Securities and Exchange Commission (SEC) in connection with its proposed strategic merger with privately-held Quoin Pharmaceuticals. Quoin is a specialty pharmaceutical company focused on rare and orphan diseases. Quoin's leadership team is made up of industry veterans, with extensive relevant executive experience and proven records of recent success in the pharmaceutical industry. The transaction is currently expected to close in the 2021 third quarter.

The Company believes the progress of Quoin's clinical programs, and the secured investments of $25.5 million, will benefit and maximize Cellect shareholders. In addition, the Company believes that the payments to be distributed to Cellect's pre-closing shareholders under the Contingent Value Right (CVR) could add a significant component to the overall value received by the Cellect shareholders as a result of this transaction.Stockholders are advised to read definitive Proxy Statement, when the Company furnishes the Proxy Statement to stockholders in connection with the solicitation of proxies for the special meeting of stockholders. The definitive Proxy Statement will contain important information. The definitive Proxy Statement will be mailed to stockholders as of a record date to be established for voting on the proposed merger.