Bio Green Med Solution, Inc. (NASDAQ:BGMS) shares jumped 175.47% to $2.92 after the bell on Thursday after the clinical-stage biopharmaceutical company announced a business combination agreement with Malaysia-based Future NRG Sdn. Bhd., a medical waste-to-energy technology developer.
BGMS Inks All-Stock Deal
The all-stock share exchange would make Future NRG a wholly-owned BGMS subsidiary.
Future NRG operates the Sendayan Ozone Medical Waste Treatment Plant in Negeri Sembilan, a 10-metric-ton-per-day facility using ozone gas technology.
Ngu Wang Keat, Director of Future NRG, said the technology provides a “99.9999% reduction in microbial populations while eliminating the carbon emissions associated with traditional incineration.”
What Comes Next
The transaction, unanimously approved by both boards, targets a fourth-quarter close, pending shareholder approval and Securities and Exchange Commission registration. Datuk Dr. Doris Wong Sing Ee, Chief Executive Officer and Executive Director of BGMS, will continue leading the combined company under the BGMS name on Nasdaq.
Trading Metrics, Technical Analysis
Bio Green has a market capitalization of $5.85 million. The stock has traded between a 52-week high of $25.95 and a 52-week low of $0.73.
The stock has a Relative Strength Index (RSI) of 55.71.
Over the past 12 months, BGMS has dropped 88.31%.
The small-cap stock of the Malaysia-based company is currently trading close to its 52-week low.
Price Action: The stock closed the regular session on Thursday at $1.06, according to Benzinga Pro.
Benzinga’s Edge Stock Rankings indicate that BGMS is experiencing long-term consolidation along with short and medium-term upward movement.
Photo Courtesy: Donny Hery / Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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