Why BYND Cannasoft Enterprises Stock Is Soaring Today

BYND Cannasoft Enterprises Inc BCAN shares are trading higher Monday after the company announced it signed a share purchase agreement to acquire 100% of Zigi Carmel Initiatives & Investments for $28 million in stock.

Zigi Carmel Initiates & Investments holds the patent pending intellectual property for a therapeutic device that uses low concentrations of CBD oils to treat certain women's health issues.

Under the terms of the share purchase agreement, BYND Cannasoft will issue 920,000 common shares to Zigi Carmel owners at $4.735 per share and pay $100,000 to cover legal expenses.

"From the moment we complete the purchase of ZC, we plan to hit the ground running by initially securing any required regulatory approval from the appropriate authorities," said Yftah Ben Yaackov, CEO of BYND Cannasoft.

BYND Cannasoft said it expects the transaction to close this month. The company intends to pursue the final registration of the patent and establish a marketing and sales system for the EZ-G device following the completion of the transaction.

See Also: Why Sharecare Stock Is Rising

BCAN Price Action: BYND Cannasoft is making new 52-week highs on Monday.

The stock was up 121.8% at $9.25 at time of publication.

Photo: Erin Stone from Pixabay.