Here's a corporate pivot for you: Klotho Neurosciences Inc. (KLTO), a company focused on cell and gene therapies for diseases like ALS, announced on Wednesday that it's buying a mining company. Not a small one, either. It's acquiring Greenland Mines Corp, which controls a massive, undeveloped deposit of palladium and gold in Greenland with an estimated value of $68 billion.
Think of it less as an acquisition and more as a reverse takeover. The deal is structured so that the sellers—the owners of privately held Greenland Mines—will end up owning roughly 93% of the combined company. Klotho plans to change its name to Greenland Mines and get a new stock ticker in late March 2026. In essence, the mining company is going public by buying a public shell that happens to have a neuroscience business attached.
The crown jewel is the Skaergaard Project in Southeast Greenland. Greenland Mines controls an 80% interest and has an option to buy the remaining 20%. According to a 2022 technical report, the project hosts resources equivalent to 25.4 million ounces of palladium and 23.5 million ounces of gold, with that staggering gross value based on February 2026 metal prices. The company believes even that huge estimate "does not represent the true scope" of the deposit, noting it remains open in all directions and that drilling keeps finding more.
So what happens to the old Klotho? The company says it will now operate with two divisions. One will be a Natural Resources unit focused on developing the Skaergaard mine. The other will be the original Cell and Gene Therapy division, which includes its drug candidate KLTO-202 for ALS. Klotho's current CEO and CFO will stay in place, while the Greenland Mines leadership team, led by CEO Bo Møller Stensgaard, will come aboard to run the mining division. One new board member from the mining side will also be added.
The entire transaction will be paid for with convertible preferred stock. In a separate but related bit of news, Klotho noted it received notice from NASDAQ in July that its stock is in full compliance with listing requirements and will remain on the exchange.
Investors were digesting the news in premarket trading Wednesday. Klotho's stock was down 3.40% at $0.52 at last check, according to market data.
