Moringa Acquisition Stock Price, News & Analysis

Moringa Acquisition Corp (Nasdaq: MACA) is a publicly-listed special purpose acquisition company (SPAC) registered in the Cayman Islands. Known as a blank check company, Moringa was established with the primary goal of merging, amalgamating, or acquiring one or more businesses. The company particularly focuses on Israel-related technology companies.

Recently, Moringa announced a significant business combination agreement with Silexion Ltd., a clinical-stage, oncology-focused biotechnology company. This merger will result in Silexion becoming publicly listed on the Nasdaq, with a pre-transaction equity value set at $62.5 million. This merger, expected to close in the third quarter of 2024, has been unanimously approved by the boards of both companies and is subject to shareholder and regulatory approvals.

Silexion is pioneering RNA therapeutics and has shown promising results in the treatment of non-resectable pancreatic cancer through its product Loder™, which demonstrated a median overall survival advantage in clinical trials. The company is now advancing its second generation product, SIL-204B, to further enhance therapeutic efficacy.

The merger will see Moringa issuing 6.25 million shares to Silexion’s current equity holders. The combined entity will feature a board of seven members, two of whom will be appointed by Moringa’s sponsor.

This business combination promises to leverage Silexion's innovative treatments and Moringa's strategic approach to deliver value to their shareholders, ensuring a robust presence in the biotechnology sector.