Gentech Holdings Inc (OTCMKTS:GTEH) stock is witnessing a strong rebound session in opening trade on Thursday after the news.
Market Action
As of 9:55, GTEH stock moved up 10% to $0.0015 with more than 96.05 million shares, compared to its average volume of 347.46 million shares. The stock has moved within a range of $0.0013 – 0.0015 after opening the trade at $0.0014.
Major Trigger:
GenTech Successfully Closes NxtBar Acquisition, Adding a Strong and Growing Brand with Broad Established Distribution Footprint
Key Highlights:
- Gentech Holdings Inc announced the closing of the Company’s acquisition of NXTBAR, LLC (“NxtBar”) (nxtbar.com), a leading natural foods company with strong and growing sales, a popular keto-friendly product line, and a large distribution footprint that includes GNC, Walmart.com, Amazon.com, TruNorth (Canada), and an extensive network of more than 2,000 brick-and-mortar locations across the United States.
- The Company reported last week that it had signed an exclusive letter of intent to acquire NxtBar. An initial expected closing date of June 25th was set. The Company is pleased to report that this process was completed faster than anticipated, and the acquisition is now closed and final.
- The Company reported last week that it had signed an exclusive letter of intent to acquire NxtBar. An initial expected closing date of June 25th was set. The Company is pleased to report that this process was completed faster than anticipated, and the acquisition is now closed and final.
Key Quote:
“NxtBar provides an excellent complementary piece to our roll-up puzzle, with a strong product portfolio, a wide distribution footprint, and demonstrable revenue and brand growth momentum already in place,” noted Leonard Armenta, President of GenTech & CEO of SINFIT Nutrition.
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