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.
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