Guardion Health Sciences (NASDAQ:GHSI) stock is rocketing higher on Wednesday after the company announced an agreement to sell its Activ Nutritional subsidiary.
Doctor’s Best is acting as the buyer of Activ Nutritional, which includes the Viactiv brand and business. Investors will note that Doctor’s Best is a subsidiary of Kingdomway.
The deal between these two companies will see Doctor’s Best pay $17.2 million in cash for Activ Nutritional. The companies expect the transaction to close in the quarter ending June 30, 2024.
The Guardion Health Sciences and Doctor’s Best boards have given their support to the deal. Now, the plan just needs approval from regulators and GHSI stockholders.
Robert Weingarten, Chairman of Guardion Health Sciences, said the following about the news:
“As we have previously announced, in light of continuing market conditions and economic realities, the Board of Directors has been exploring a diverse range of strategic transaction options for more than a year in an effort to deliver enhanced value to our stockholders, including a sale of the Company and/or its Viactiv® brand and business.”
GHSI Stock Movement Today
Today’s news brings with it heavy trading of GHSI stock. As of this writing, more than 8.7 million shares have changed hands. That’s a massive leap in trading volume compared to the company’s daily average of just about 3,000 shares.
GHSI stock is up 66.1% as of Wednesday morning.
Investors looking for all of the latest stock market stories are in the right place!
We have all of the hottest stock market news traders need to know about on Wednesday! A few examples of that include what’s going on with shares of Plug Power (NASDAQ:PLUG), Rocket Lab (NASDAQ:RKLB) and PayPal (NASDAQ:PYPL) stock today. You can find out more on these matters at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
