Novo Integrated Sciences Inc (NASDAQ:NVOS) stock is trading lower in the opening session on Thursday.
Market Action
As of 10:08, NVOS stock fell by 5% at $2.16. The stock has traded 121K shares, well below its average volume of 244K shares. The stock opened at $2.31 and moved in a range of $2.1300 – 2.3300.
Novo Integrated Sciences Enters into Share Exchange Agreement to Acquire Acenzia Inc.
- announce the signing of a Share Exchange Agreement, dated May 28, 2021 (the “SEA”), pursuant to which Novo Healthnet Limited, a wholly owned subsidiary of the Company (“NHL”) will acquire Acenzia Inc., which is in the business of providing nutraceutical health solutions through advanced bio-science research and development, proprietary manufacturing, and personalized diagnostics.
- In addition, Acenzia has developed a multiple international jurisdiction patented technology platform, using zebra fish, which enables rapid analysis of cancer cells, offering cancer patients and their healthcare providers prediction of early metastasis and drug sensitivity thereby providing important information for diagnosis and treatment.
- The all-share transaction is valued at $14,884,039 subject to adjustment as provided for in the SEA. Upon closing the share exchange, Acenzia will be a wholly owned subsidiary of NHL and the Acenzia shareholders will receive NHL non-voting exchangeable preferred shares issued solely for the purpose to exchange for allotted restricted shares of the Company’s common stock at a per share price of $3.91.
Robert Mattacchione, the Company’s CEO and Board Chairman, stated, “There are three primary pillars in support of Novo’s business model centered on decentralized healthcare. The first pillar is building a foundation of traditional hands-on healthcare delivery, through small and micro footprint sized clinic facilities, within a significant service delivery network.
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