Assure Holdings (NASDAQ:IONM) stock is rising higher on Tuesday after the intraoperative neuromonitoring surgical support services company announced plans to sell some of its assets.
This deal has Assure Holdings selling $4.5 million worth of assets from its business to MPOWERHealth. That includes an initial payment of $2.5 million in cash when the sale closes.
The remaining $2 million in the deal is contingent on case volume from the assets 12 months after the closing. It is worth noting that the sale includes most of Assure Holdings’ healthcare facility contracts and clinical equipment, as well as a majority of its employees.
Assure Holdings chairman and CEO John Farlinger said the following about the asset sale:
“The sale of IONM assets to MPOWER provides Assure with a clear pathway to meet its strategic objective of repurposing our business and closing our merger with Danam Health. We are pleased that MPOWER will continue providing our surgeon partners with the high-quality IONM services they are accustomed to receiving using the same neurophysiologists they work with today.”
IONM Stock Movement Today
Today’s asset sale news brings with it heavy trading of IONM stock. That has more than 34 million shares changing hands as of this writing. This is well above its daily average trading volume of about 694,000 units.
IONM stock is up 43.5% as of Tuesday morning.
Investors can stick around for deep dives into all of the biggest stock market stories today!
We have all of the hottest stock market news traders need to know about on Tuesday! Among that is what’s happening with shares of Archer Aviation (NYSE:ACHR), Kohl’s (NYSE:KSS) and Archer-Daniels-Midland (NYSE:ADM) stock. All of that info is ready to go at the links below!
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On the date of publication, William White did not have (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.
