Gentech Holdings Inc (OTCMKTS:GTEH) stock is moving sharply higher in the opening session on Monday, extending its weekly gain to 65%.
Major Trigger:
GenTech to Acquire High Growth Sports Nutrition Brand NxtBar as SINFIT Nurtition Roll-up Strategy Continues
Key Highlights:
- announced the Company’s acquisition of NXTBAR, LLC (“NxtBar”) (nxtbar.com), a leading natural foods company with strong and growing sales and a mission to reinvent clean, healthy snacking through its popular keto-friendly product line. The Company has signed an exclusive letter of intent to acquire NxtBar with an expected closing date of June 25th.
- As part of the acquisition, the Company will begin the immediate implementation of numerous operational synergies, including a significant expansion of NxtBar’s sales footprint, including growth into GNC, Walmart.com, Amazon.com, TruNorth (Canada), and the Company’s extensive network of more than 2,000 other brick-and-mortar locations across the United States.
Key Quote:
“We continue to execute on a successful, high-growth roll-up strategy in our SINFIT branded segment,” commented Leonard Armenta, President of GenTech & CEO of SINFIT Nutrition. “The NxtBar acquisition follows our acquisition of Yourganics last quarter, and we are working toward two further strategic moves that have strong implications for our twin goals of accelerating SINFIT revenue growth and diversifying our product offerings in the sports nutrition space.”
Market Reactions
As of 10:38, GTEH stock jumped by 20% at $0.0033. Total volume so far stood at 241.17 million shares, compared to its average volume of 301.12 million shares. The stock moved within a range of $0.0028 – 0.0034 after opening at $0.0029.
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