TRxADE Health, Inc. (NASDAQ:MEDS) shares are ripping higher Wednesday. The company announced the closing of the acquisition of Superlatus, Inc. on Monday.
What To Know:
Under the terms of the acquisition, shareholders of Superlatus received 136,441 shares of MEDS common stock, representing 19.99% of the total issued and outstanding MEDS common stock at the closing of the merger, and 306,855 shares of a new class of MEDS non-voting convertible preferred stock with a conversion ratio of 100 to one.
TRxADE regained compliance with the $2,500,000 minimum stockholders' equity requirement set forth in the Nasdaq's listing rule 5550(b)(1) after the closing of the merger.
Shares of MEDS are up by more than 45% on heavy trading volume. According to data from Benzinga Pro, more than 2.7 million shares have been traded in the session, compared to the stock's 100-day average of 502,552 shares.
TRxADE Health will report its second quarter financial results after the close of markets on Aug. 14 and will host a conference call to discuss the results at 6:00 p.m. ET the same day.
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MEDS Price Action: According to Benzinga Pro, shares of MEDS are trading 46.8% higher at $9.85 at the time of publication.
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