What's Going On With TRxADE Health Stock?

TRxADE Health, Inc. MEDS shares are rocketing higher on Monday. The company announced on Friday the acquisition of Superlatus, Inc.

What To Know:

On Friday, TRxADE Health announced a merger through acquisition of Superlatus, Inc., a U.S.-based holding company of food products and distribution capabilities. Upon closing, shareholders of Superlatus will receive 3,839,176 shares of MEDS, an amount representing 19.99% of the total issued and outstanding stock of MEDS. Each share will be valued at $58.61 per share.

Suren Ajjarapu, CEO and founder of TRxADE, commented, "This announcement is a significant milestone for TRxADE shareholders, and we believe that the combined entities will unlock significant value and synergies to be a significant player in the competitive food and snack marketplace.”

Last Wednesday, TRxADE Health announced a 1-for-15 reverse stock split, which took effect at market open Thursday. As a result of the reverse split, the company's 10,210,878 outstanding shares of common stock were reduced to only 680,726 shares.

MEDS stock continues to garner attention from retail investors and is currently trending on StockTwits and other social media sites. Trading was halted to the downside on Monday morning on high trading volume and price volatility.

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MEDS Price Action: According to Benzinga Pro, TRxADE Health shares are trading higher by more than 110% at $17.62 at the time of publication.  

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