Solstice rises after scrapping $14.5 billion merger with Element

** Shares of specialty chemicals maker Solstice Advanced Materials SOLS.O jump nearly 15% to $65.51 premarket

** SOLS and Element Solutions ESI.N mutually agree to scrap their $14.5 billion merger, saying both sets of shareholders preferred the companies retain their independence and existing strategies

** Shares of ESI rise marginally

** Neither company will pay any penalties as a result of ending the merger

** If completed, the deal would have created a larger supplier to the semiconductor, electronics and industrial markets

** As of last close, SOLS was up ~16% and ESI up 46% YTD