Rushnet Inc (OTCMKTS: RSHN) is trading at $0.0054 at the time of this writing, up 21.35%. Its previous close has been $0.0045, and over the past week, this stock has gained 206%. The average volume of this stock is 161.76 million shares, and at present, it is well above that average with 432.24 million. The key highlight of this stock is its Reverse Split (RS), along with a binding letter of intent with heliosDX for the merger of the laboratory.
Official cancellation of RS
With the official announcement of acquisition/ merger with heliosDX, the company has officially canceled its proposed Reverse Split. An official document is yet to be submitted to the Colorado Secretary of State.
Merger with heliosDX: What does it mean for Rushnet Inc?
The National Independent Clinical Reference Laboratory, heliosDX offers NGS Genetic Testing, High-Complexity Urine Drug Testing (UDT), Allergy Droplet Cards, Behavioral Drug Testing, Infectious Disease (PCR), and Oral Fluids.
There is an enhanced growth opportunity for Rushnet Inc through this merger. The combined revenue of the two companies is expected to exceed $16,000,000. Additionally, it is expected that there would be decreased costs of operational efficiencies, while the operating margins are expected to grow by 10%.
Increased production capacity
heliosDX is also expecting an increase in production capacity. All this is indicating a better situation for Tushnet investors. Both the involved parties expect to close this acquisition by Mid-September or Early October of this year. However, the deal could be expediated if acceptable to both.
The financial details have not yet been disclosed by both the parties pertaining to the agreement’s potential of disruption and nature. The two parties said that the combined press release should be issued in the times to come.
With the exceptional year-after-year revenue growth of heliosDX, Tushnet investors would benefit through this merger.
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