Why Is JanOne Stock Trading Higher Today?

JanOne JAN shares are trading higher on Wednesday after the company announced it will sell all outstanding equity interests of ARCA Recycling to VM7 through a stock purchase agreement.

The sale will reduce JanOne’s liabilities by $17.6 million and JanOne will receive at least $24 million in future monthly aggregate payments.

ARCA Recycling recycles household appliances by providing turnkey recycling and replacement services for utilities and other sponsors of energy efficiency programs. Customer Connexx is their Las Vegas based call center business and ARCA Canada is the Canadian arm of their appliance recycling business.

Tony Isaac, JanOne's CEO, commented on the sale: "I wish ARCA Recycling's new owner continued success in their business. This sale will allow JanOne to focus wholly on therapeutics where we see enormous potential for growth benefiting our shareholders. Our leadership team looks forward to continuing to bring non-addictive pain-relieving alternatives to market in an effort to reduce opioid abuse."

JanOne is a biopharmaceutical company specializing in developing non-addicting pain killers and treatments for underlying causes of pain.

Price Action: JanOne has a 52-week high of $5 and a 52-week low of $1.1.

JanOne shares are up 27.3% at $1.49 at the time of writing, according to Benzinga Pro.