What's Going On With Novo Integrated Sciences (NVOS) Stock?

Novo Integrated Sciences, Inc. NVOS shares are roaring higher Wednesday. The company provided updates to previously announced events on Tuesday.

What To Know:

Novo Integrated Sciences provided an update on the share purchase agreement with SwagCheck, Inc. in which Novo agreed to purchase 100% of SWAG's outstanding shares. Novo stated that the companies continue to work together to close the transaction.

Novo announced that the company expects to soon receive an initial draw of funds, approximately $57 million, from the previously disclosed RC Note. This note was issued to RC Consulting Group LLC in favor of SCP Tourbillion Monaco, with a maturity date of April 26, 2038.

Novo also announced that its board of directors has launched a strategic assessment, including the evaluation of a potential share repurchase initiative.

The company stated that the Gulf International Minerals and Energy Group (GIMEG) project, which involves a $40 million investment commitment from Sheikh Khaled bin Mohammad bin Fahad Al Thanayan, is still in the early stages of establishment. The investment is set to facilitate project-specific joint ventures aimed at creating elder care and senior living community facilities in Canada.

Shares of NVOS are moving higher on very high trading volume. According to data from Benzinga Pro, more than 201 million shares have been traded in the session, compared to the stock's 100-day average of 9.142 million shares.

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NVOS Price Action: According to Benzinga Pro, NVOS shares are up over 64% at 19 cents at the time of publication.

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