What Happened With Invo BioScience Stock Today?

INVO BioScience, Inc. INVO shares soared Monday after the company announced it closed its merger with NAYA Biosciences. 

The Details: Invo BioScience said the combined company will continue to operate its fertility business as well as expand its focus to the development of clinical-stage assets in oncology and autoimmune diseases. The company expects to change its name to Naya Biosciences and trade on the Nasdaq under the “NAYA” ticker. 

The combined company will be led by Invo CEO Steve Shum, Invo CFO Andrea Goren and Dr. Daniel Teper, founder and former CEO of Naya Biosciences, who will be appointed as president of the combined company and CEO of the Naya Therapeutics subsidiary. 

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“We are confident that our expanded portfolio business model and combined assets have the potential to create significant value for both legacy and new shareholders,” said Steve Shum, CEO of the combined company.

“Combining scalable, profitable revenues from our fertility business with the upside of innovative therapeutics optimizes risk-return for investors. In addition, the hub-and-spoke model allows for shared resources and talent to accelerate the development of our lean, agile subsidiaries," Shum said. 

Invo shares climbed on heavy trading volume following Monday's announcement with more than 54 million shares traded in the session, according to data from Benzinga Pro. 

INVO Price Action: According to Benzinga Pro, Invo BioScience shares are up 1.61% after-hours at $1.24 after gaining 92.55% in Monday’s regular session.

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