Vincerx Pharma soars on QumulusAI merger deal

Shares of drug developer Vincerx Pharma VINC.O rise as much as 47% to $1.22

VINC is planning to merge with QumulusAI, a private company that provides high-performance computing infrastructure for AI, the companies say

The planned merger would make QumulusAI a publicly traded company; QumulusAI shareholders would own about 95% of the combined company, while VINC shareholders would own the rest

Proposed deal values QumulusAI at around $285 million and Vincerx at around $15 million

Following close of deal, QumulusAI would have a say on the combined company's management team and board of directors

Stock fell 77.7% in 2024