Better For You Wellness Inc. (OTCMKTS:BFYW), previously called Fast Track Solutions (OTCMKTS:FTRK), jumped 11%.
On Monday, BFYW stock soared 11% at $0.1280 with more than 439K million shares, compared to its average volume of 864k shares. The stock has moved within a range of $0.1100 – 0.1300 after opening the trade at $0.1150.
Signs LOI to Acquire Ironwood Clay Co. and NENA Skincare
The company announced the signing of a nonbinding letter of intent to purchase Ironwood Clay Co. Inc. situated in Richmond, British Columbia. Ironwood, founded in 1988, is a specialized OEM skincare supplier that offers private label product development, raw materials, turnkey manufacturing, and bulk formulas to various personal care firms globally. It is a leading glacial oceanic clay supplier globally. Its NENA skincare product brans is a fast-growing brand whose main component is glacial oceanic clay.
According to the LOI terms, the expected consideration for the purchase will be a mix of cash and restricted Better For You Wellness Inc. common shares issued upon closing the transaction. Closing of the deal is subject to customary closing conditions and completion of due diligence. The LOI terms will remain confidential pending a definitive agreement. Nevertheless, BFYW is worth keeping an eye on.