Imara Inc (NASDAQ:IMRA) 19% higher when Imara Inc. announced that they have entered into a definitive merger agreement with Enliven Therapeutics Inc., a clinical-stage precision oncology company focused on the discovery and development of next-generation small molecule kinase inhibitors. Imara is a clinical-stage biopharmaceutical company, develops and commercializes therapeutics for patients with rare genetic disorders of hemoglobin. Its lead product candidate is IMR-687, an oral and once-a-day therapeutic that is in Phase 2b clinical trials for the treatment of sickle cell disease and ß-thalassemia. The company also develops IMR-261, an oral and clinical-ready activator of nuclear factor erythroid 2–related factor 2 for the treatment of hemoglobinopathies, iron disorders, and potentially other areas.
Agrify Corp (NASDAQ:AGFY), a provider of premium cultivation and extraction solutions for the cannabis and hemp industry, saw its shares surge nearly 15%. The rise was on the back of news the company has signed an agreement for its most significant Agrify Total Turn-Key Solution partnership to date with Gold Leaf Florida, a licensed medical marijuana treatment center. Agrify Corporation develops precision hardware and software cultivation and extraction solutions for the cannabis and hemp industry in the United States.
Shares of Alfi Inc. plummeted 54.7% toward a record low after the advertising company disclosed that it filed for bankruptcy, about 17 months after going public. The company considered all strategic alternatives before filing bankruptcy. Under the terms of filing for bankruptcy, all assets and liabilities will be controlled by the bankruptcy court. Alfi, Inc. provides Software as a Service (SaaS) solution for the digital out of home (DOOH) smart advertising segment in the United States. It offers Alfi, an artificial intelligence (AI) SaaS platform that transforms DOOH advertising into real-time audience-based marketing, as well as uses AI and computer vision to detect audience demographics, such as age and gender to serve relevant advertising.
NVOS -56% shares are trading lower after the company priced its public offering of 4 million units at $0.50 per unit.
Novo Integrated Sciences says the closing of the offering is expected to occur on or about October 18, subject to the satisfaction of customary closing conditions. Novo Integrated Sciences, Inc. is a parent company to subsidiaries throughout North America. It owns Canadian and United States subsidiaries, which provide solutions to the delivery of multidisciplinary primary care and related wellness products through the integration of medical technology, interconnectivity, advanced therapeutics, personalized product offerings, and rehabilitative science.
WHAT ELSE HAPPENED?
Stocks slumped Friday, capping off a volatile week of trading, a day after posting a historic turnaround rally as investors digested inflation expectations.
The Dow Jones Industrial Average fell, but was still on track to end the week higher. The S&P 500 shed basis points and ended the week down. The Nasdaq Composite slipped, weighed down by losses in Tesla and Lucid Motors, which each declined more than 5%.
Stocks fell to session lows after a consumer survey from the University of Michigan showed inflation expectations were increasing, sentiment that the Federal Reserve is likely watching closely. The tech-heavy Nasdaq led declines as growth companies are most sensitive to interest rate hikes.
At the same time, bond yields spiked, with the 10-year U.S. Treasury year topping for the second time in two days as investors react to higher inflation expectations.
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