ONVO addendum—Yesterday’s price action is pretty convincing proof of the effects of algorithmic trading. There was a PR from a private company that mentioned COVID-19 and the ticker symbol of ONVO. Even though the PR had nothing to do with ONVO, the mere inclusion of ONVO’s ticker symbol in a COVID-19 context was apparently all the algorithms needed to start buying.
Tarveda Therapeutics…today announced that the proposed merger agreement with Organovo Holdings…has been terminated following the emergence of unanticipated, late opposition to the proposed transaction by major Organovo stockholders.
“We are disappointed that we will be unable to proceed with the planned transaction with Organovo. While surprised by the late decision of Organovo’s major stockholders to vote against the recommendation of Organovo’s special committee with the apparent intent to pursue a strategy which may include 3D bioprinting, we respect their decision,” said Drew Fromkin, Chief Executive Officer of Tarveda.