JIN MEDICAL INTERNATIONAL LTD. ZJYL shares are trading higher on Tuesday. The stock recently surged in price, before pulling back on Tuesday.
What To Know: Last Thursday, before the market open, the company announced that it had signed a preliminary Memorandum of Understanding (MOU) with Jiangsu Zhongjin Kanglu Information Technology Co., Ltd. The purpose of the MOU was for Jin Medical to acquire an entire or partial stake in the company.
Jin Medical intends to perform a thorough due diligence process, anticipated to be completed by Dec. 31, in relation to the possible value of the acquisition. It is also expected that, starting in March of 2024, detailed negotiations pertaining to the potential acquisition will begin between the parties.
While shares dipped early in Monday's trading session, the stock soon surged over 600%. However, on Tuesday, JinMed stock pulled back from the strength.
Additionally, Tuesday marks the second consecutive day that JinMed stock has appeared on Stocktwits' Trending page.
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ZJYL Price Action: Shares of ZJYL were up 16.6% at $118.77 at the time of publication, according to Benzinga Pro.
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