Titan Pharmaceuticals completes merger, shares to cease trading on Nasdaq

Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) announced Wednesday the completion of its previously disclosed business combination with Black Titan Corporation, a Cayman Islands company, and TalenTec Sdn. Bhd., a Malaysian private limited company. The transaction was executed under a Merger and Contribution and Share Exchange Agreement dated August 19, 2024. The announcement comes as TTNP shares show strong momentum, with a 47% gain year-to-date and an 12% surge in the past week, according to InvestingPro data.

According to a press release statement and the company’s filing with the Securities and Exchange Commission, the merger was finalized at the effective time on Wednesday. As part of the agreement, TTNP Merger Sub, Inc., a wholly owned subsidiary of Black Titan, merged with and into Titan Pharmaceuticals, with Titan continuing as a direct wholly owned subsidiary of Black Titan under its existing name.

At the completion of the merger, each outstanding share of Titan Pharmaceuticals common stock was automatically converted into ordinary shares of Black Titan Corporation. Additionally, all shares of TalenTec Sdn. Bhd. held by its shareholders were exchanged for ordinary shares of Black Titan.

Following the transaction, shares of Titan Pharmaceuticals are expected to cease trading on the Nasdaq Capital Market. Black Titan Corporation’s ordinary shares are anticipated to begin trading on Nasdaq at the opening of trading on Thursday. The company, currently valued at $6.13 million, appears slightly undervalued based on InvestingPro’s Fair Value analysis. Discover more insights and valuations in our Most Undervalued Stocks list.

The filing also reported changes to the company’s leadership. Effective with the merger, all directors and officers of Titan Pharmaceuticals resigned at the request of Black Titan, with no disagreements reported regarding company operations or policies. Chay Weei Jye was appointed as sole director and acting secretary of Titan Pharmaceuticals.

The information in this article is based on a press release and the company’s Form 8-K filing with the SEC.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.