Stock Alert: Tilray Jumps 20% On Merger With Aphria

(RTTNews) - Shares of medical cannabis company Tilray, Inc. (TLRY) are currently gaining over 20% on merger with Aphria (APHA) to create world's largest cannabis company.

TLRY is currently trading at $9.45, up $1.58 or 20.08%, on the Nasdaq.

The stock-for-stock merger will create a combined equity value of about $3.9 billion. The combined company will maintain Tilray branding and "TLRY" ticker in a reverse merger that will swap shares at a premium of 23% at which Tilray shares closed on Tuesday, December 15. The deal is expected to close in the second quarter of 2021.

The combined company will be led by Aphria CEO Irwin Simon, who will serve as CEO and chairman, while Tilray CEO Brendan Kennedy will serve on the board.