INVO Bioscience Inc INVO announced that it is soliciting waivers from holders of the company’s common stock purchase warrants dated August 8, 2023, of the holder’s right to exercise a cash payment option upon consummation of the previously announced proposed merger with NAYA Biosciences Inc.
Receipt of the waivers is a condition to the consummation of the merger.
Last month, the companies agreed to merge in an all-stock deal.
Under the terms of the agreement, NAYA Biosciences’ shareholders will receive 7.3333 shares of INVO for each share of NAYA Biosciences at closing, for a total of approximately 18.15 million shares of INVO.
Following the closing of the merger, the combined company is expected to operate under the name “NAYA Biosciences.” Daniel Teper, currently Chairman and CEO of NAYA Biosciences, will be named Chairman and CEO of the combined company.
The Waiver Solicitation is being made under a notice of waiver solicitation and accompanying form of waiver, which the company is sending to the holders of the Warrants.
The Notice of Waiver solicitation sets forth the terms of the Warrant Solicitation.
The Waiver Solicitation expires at 5:00 p.m., New York City time, on November 15, 2023.
INVO Bioscience stock is gaining on heavy volume, with a session volume of 49.8 million shares traded, compared to the trailing 100-day volume of 1.81 million shares.
According to data from Benzinga Pro, INVO has a 52-week high of $25 and a 52-week low of $0.50.
Price Action: INVO shares are up 109.20% at $1.44 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
