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Checkpoint Therapeutics , Inc. (NASDAQ:CKPT), trading near its 52-week high of $4.50 with a market capitalization of $350 million, announced today that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) expired on May 21, 2025, marking a significant step towards completing its merger with Sun Pharmaceutical (TADAWUL:2070) Industries, Inc. According to InvestingPro, the stock has delivered an impressive 125% return over the past year. This expiration satisfies one of the conditions for the finalization of the merger, which is expected to occur around May 30, 2025.
The merger, initially disclosed on March 9, 2025, and subsequently amended on April 14, 2025, involves Sun Pharma’s subsidiary, Snoopy Merger Sub, Inc., merging with Checkpoint, which will continue as a wholly owned subsidiary of Sun Pharma post-merger. InvestingPro analysis indicates the company currently holds more cash than debt on its balance sheet, potentially strengthening its position in the merger negotiations. For deeper insights into merger implications and more exclusive tips, consider exploring InvestingPro’s comprehensive analysis tools. Checkpoint filed a preliminary proxy statement on April 14, 2025, followed by a definitive proxy statement on April 23, 2025, and began mailing the definitive proxy statement to its stockholders on the same day.
Checkpoint also reported that a consolidated putative stockholder class action lawsuit pending in the Southern District of New York against the company and its President and CEO, James Oliviero, was dismissed with prejudice on May 19, 2025. The lawsuit alleged violations of the Securities Exchange Act of 1934 and SEC Rule 10b-5 due to purported false and misleading statements. The plaintiff has a 30-day window from May 19, 2025, to appeal the judgment.
The company’s stockholders will vote on the adoption of the Merger Agreement at a Special Meeting scheduled to take place virtually on May 28, 2025, at 10:00 a.m. Eastern time. While the company’s financial health score is currently rated as weak by InvestingPro, analysts anticipate significant sales growth in the current year, which could influence stockholder decisions.
Checkpoint’s management cautions that forward-looking statements in this report are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. The company intends to defend vigorously if the judgment in the Securities Class Action (WA:ACT) is appealed.
The merger is subject to the approval of Checkpoint’s stockholders and other customary closing conditions. Additional information regarding the merger and where to find it, along with details of the participants in the solicitation, can be found in the definitive proxy statement and Checkpoint’s filings with the SEC.
The information in this news article is based on a press release statement.
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