Entero Therapeutics Stock Jumps After Company Rebrands As GridAI Technologies Corp.
Synopsis
The name change follows the company’s acquisition of GRID AI Corp in October.
- Entero said that it will change its ticker symbol to GRDX to align with the name change.
- The name and ticker change, however, will not affect the company’s business operations or financial reporting obligations, it said.
- Entero acquired Grid AI Corp in exchange for 82.5% shares of its common stock in October.
Shares of Entero Therapeutics, Inc. (ENTO) jumped 7% on Friday morning after the company changed its name to GridAI Technologies Corp., effective December 1.
The name change follows the company’s acquisition of GRID AI Corp in October.
Entero also said that it will change its ticker symbol to GRDX to align with the name change. The company’s shares will start trading on the Nasdaq under the new ticker on December 1, it added.
Executive Commentary
The name and ticker change, however, will not affect the company’s business operations or financial reporting obligations, it said.
"Our mission is to enhance grid-edge intelligence using AI, machine learning, and edge analytics by orchestrating supply and demand in real time, creating a more reliable, resilient, and transactive grid -now supported with our public-company platform - and this name change reflects that commitment," said interim CEO Jason Sawyer.
Entero announced in early October that it has acquired Grid AI Corp in exchange for 82.5% shares of its common stock to diversify its portfolio and expand into a sector with strong tailwinds. Grid AI is a company focused on integrating AI with the power grid. Following the acquisition, Entero operates GRID AI as a unit while continuing its biopharmaceutical operations focused on developing therapies for gastrointestinal diseases.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment around ENTO stock improved from ‘bearish’ to ‘neutral’ territory over the past 24 hours, while message volume rose from ‘extremely low’ to ‘extremely high’ levels.
ENTO stock is up by 63% this year and has more than doubled over the past 12 months.
Read also: Why Did KTTA Stock Soar A Whopping 43% Today?
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.