Stock Alert: Benitec Biopharma Stock Jump 72%

(RTTNews) - Shares of Benitec Biopharma Ltd. (BNTC) are currently up 72% and nearly touching its six-month high. The pharma company on Friday revealed that a Federal court has ordered to convene a shareholder meeting to decide on re-domiciliation of Benitec from Australia to the U.S.

Benitec announced that the Supreme Court of Queensland ordered that a meeting of shareholders be convened to consider, and if thought fit, approve re-domiciliation.

Under the company's arrangement, Benitec Biopharma Inc., a newly formed US corporation, will become the parent company of the Benitec group of companies to effect a re-domiciliation from Australia to the U.S. If implemented, Benitec shareholders would receive 1 common share in the new company for every 300 shares held.

The Court has ordered that Benitec convene a general meeting of shareholders at 10:00 am AEDT on Thursday, 26 March 2020 in Melbourne.

BNTC is currently trading at $9.11, up $3.82 or 72.21%, on the Nasdaq, on a trading volume of 1.98 million shares, far above its average volume of 22 thousand.