logo
Plus   Neg
Share
Email

Stock Alert: MYOS RENS Soars 250% On Merger Deal

Shares of MYOS RENS Technology Inc. (MYOS) more than tripled on Wednesday morning after the bio-nutrition company on Tuesday announced a merger deal with MedAvail, Inc.

MYOS is currently trading at $3.155, up $2.275 or 258.52%, on the Nasdaq.

MYOS RENS announced that a wholly-owned subsidiary of MYOS will merge with and into MedAvail, with MedAvail being the surviving corporation and a wholly-owned subsidiary of MYOS.

Meanwhile, the current MYOS muscle health business will be spun off as a private unaffiliated company. MedAvail will pay the spun-out business $2 million in cash upon the closing of the deal and issue a promissory note for an additional $3 million, payable in installments within one year.

MedAvail is a private, in-clinic telemedicine-enabled pharmacy organization that has developed and commercialized a proprietary robotic dispensing platform and home delivery operation focused on the Medicare Advantage market in the US.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
American Airlines has extended its offer to waive change fees for customers who purchase tickets for travel, until December 31, 2020 in response to lower travel demand due to the coronavirus pandemic. This means that the travelers need not pay penalties for changing the origin and destination cities. Transform SR Holding Management LLC is recalling about 19,900 units of 4-drawer chests, sold exclusively at Kmart stores, citing tip-over and entrapment risks for children, according to the U.S. Consumer Product Safety Commission. The recall involves chests with plastic drawer glides sold by Transform under the Essential Home brand. Amazon announced the extension of Project Zero, which protects and empowers brands to combat counterfeits, to seven new countries. The project is now available in Australia, Brazil, Netherlands, Saudi Arabia, Singapore, Turkey, and the UAE, along with ten other countries where Amazon has a store.
Follow RTT