What's Going On With TRxADE Health Stock?

TRxADE Health, Inc. MEDS shares are ripping higher Wednesday. The company announced the closing of the acquisition of Superlatus, Inc. on Monday.

What To Know:

Under the terms of the acquisition, shareholders of Superlatus received 136,441 shares of MEDS common stock, representing 19.99% of the total issued and outstanding MEDS common stock at the closing of the merger, and 306,855 shares of a new class of MEDS non-voting convertible preferred stock with a conversion ratio of 100 to one.

TRxADE regained compliance with the $2,500,000 minimum stockholders' equity requirement set forth in the Nasdaq's listing rule 5550(b)(1) after the closing of the merger.

Shares of MEDS are up by more than 45% on heavy trading volume. According to data from Benzinga Pro, more than 2.7 million shares have been traded in the session, compared to the stock's 100-day average of 502,552 shares.

TRxADE Health will report its second quarter financial results after the close of markets on Aug. 14 and will host a conference call to discuss the results at 6:00 p.m. ET the same day.

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MEDS Price Action: According to Benzinga Pro, shares of MEDS are trading 46.8% higher at $9.85 at the time of publication.

Image: HeungSoon from Pixabay