Tevogen Bio Signs LOI for Apozeal Acquisition, Completes 50-for-1 Split
Tevogen Bio has signed a non-binding letter of intent to evaluate acquiring Apozeal Pharmaceutical, aiming to add FDA-approved ANDA assets to its generics pipeline. The company also executed a 50-for-1 reverse stock split and holds a $1.56 billion market cap with 2.4% institutional ownership.
1. Acquisition Exploration through Letter of Intent
Tevogen Bio entered into a non-exclusive, non-binding letter of intent to explore acquisition of Apozeal Pharmaceutical, targeting established ANDA assets and a growing generics pipeline to enhance affordability and domestic manufacturing.
2. Reverse Stock Split Details
Tevogen executed a 50-for-1 reverse stock split effective today, consolidating shares post-surge to meet listing standards and adjust trading price following recent volatility.
3. Market and Technical Indicators
Shares traded as high as $10.80 before falling 15% to new 52-week lows, trading 34.5% below its 20-day SMA with an RSI of 21.46 indicating oversold conditions and a MACD below its signal line showing persistent bearish momentum.