Matinas BioPharma Pivots to Canadian Clean Energy: Retail Holders Left With 9% Stake and -28% Day
A tiny New Jersey drugmaker trading at 54 cents a share announced Monday it is merging with a private Ontario clean energy startup, surrendering more than 90 percent of the combined company to the Canadian firm's existing shareholders and selling its pharmaceutical assets for a fraction of what patients and investors had hoped it might one day be worth. The market's verdict was immediate and blunt. Shares of Matinas BioPharma Holdings (NYSE American: MTNB) fell 28.66 percent on trading volume 16.3 times the daily average, wiping roughly $1 million from a company that was already worth barely $3.5 million. The deal caps a years-long deterioration: Matinas had already drawn two NYSE American n…
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