Shares of INVO Bioscience, Inc. (INVO) surged on a deal to buy NAYA Biosciences in an all-stock deal.
INVO is currently trading at $2.8400, up $2.3000 or 425.9259%, on a volume of 33.7 million shares, above average volume of 228 thousand, on the Nasdaq. The stock began trading at $1.4800 after closing Friday at $0.5400. The stock has traded between $0.5000 and $25.4000 in the past 52-week period.
INVO Bioscience agreed to acquire NAYA Biosciences in an all-stock transaction. As per the terms of the deal, NAYA Biosciences' shareholders will receive 7.3333 shares of INVO for each share of NAYA Biosciences at closing, for a total of about 18.15 million shares of INVO.
In connection with the Merger, INVO will issue to NAYA more than 80 percent (of its common stock, effectively resulting in a change of control.
Following the closing of the Merger, the combined company is expected to operate under the name "NAYA Biosciences". Daniel Teper, currently Chairman & CEO of NAYA Biosciences, will be named Chairman & chief executive officer of the combined company.
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