Why JanOne Shares Are Trading Higher Today

  • JanOne Inc JAN sold all of the assets, and none of the liabilities, of GeoTraq Inc., its wholly-owned subsidiary, to SPYR Inc SPYR for an aggregate of $13.5 million.
  • The purchase price is payable in cash and shares of SPYR's common stock.
  • SPYR issued 30 million shares of its common stock and delivered a five-year Promissory Note to JanOne in the initial principal amount of $12.6 million. The Promissory Note bears simple interest at an annual rate of 8% and delivers quarterly interest payments in arrears.
  • "We believe this transaction further allows us to focus on our main business. Right now, our priority is the development of drugs with non-addictive, pain-relieving properties, specifically JAN101 (formerly known as TV1001SR), which is a potential treatment for peripheral artery disease (PAD). This sale of our subsidiary will help us continue to fund the necessary clinical trials for JAN101," commented Tony Isaac, CEO of JanOne.
  • Price Action: JAN shares are trading higher by 83% at $4.10 and SPYR lower by 9.87% at $0.03 on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Posted In: M&ANewsPenny StocksMoversTrading IdeasBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!