Benzinga | Sep 27, 2021 01:01PM EDT

Why Cellect Biotechnology Shares Are Rising Today

Cellect Biotechnology Ltd (NASDAQ:APOP) is trading higher Monday after the company announced shareholder approval of the strategic merger with Quoin Pharmaceuticals.

Approximately 99% of the votes were in favor of approving the proposal. The strategic merger is expected to close in October.

Cellect Biotechnology is a biotechnology company that has developed a novel technology platform known as ApoGraft that functionally selects cells in order to improve the safety and efficacy of regenerative medicine and cell therapies.

Quoin Pharmaceuticals is a specialty pharmaceutical company focused on rare and orphan diseases.

APOP Price Action: Cellect Biotechnology is making new 52-week highs in trading today.

The stock was up 12.60% at $21.34 at time of publication.