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Hoth Therapeutics Down 17% After Announcing LoI To Merge With Algorithm

April 26, 2023 — 10:39 am EDT

Written by RTTNews.com for RTTNews->

(RTTNews) - Hoth Therapeutics, Inc. (HOTH) shares are sliding more than 17 percent on Wednesday morning trade after the company announced the signing of a Letter of Intent to merge with Algorithm Sciences Inc. Through the merger, Algorithm will become the majority holder of Hoth.

Mike Tilton will be the new CEO, and David Cavalier will be the CFO, while Algorithm's current chairman Anthony Zook will be nominated as chairman of the combined company.

Currently, Hoth shares are at $1.56, down 17.61 on a volume of 3,545,210.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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