Stock Alert: MYOS RENS Soars 250% On Merger Deal

(RTTNews) - Shares of MYOS RENS Technology Inc. (MYOS) more than tripled on Wednesday morning after the bio-nutrition company on Tuesday announced a merger deal with MedAvail, Inc.

MYOS is currently trading at $3.155, up $2.275 or 258.52%, on the Nasdaq.

MYOS RENS announced that a wholly-owned subsidiary of MYOS will merge with and into MedAvail, with MedAvail being the surviving corporation and a wholly-owned subsidiary of MYOS.

Meanwhile, the current MYOS muscle health business will be spun off as a private unaffiliated company. MedAvail will pay the spun-out business $2 million in cash upon the closing of the deal and issue a promissory note for an additional $3 million, payable in installments within one year.

MedAvail is a private, in-clinic telemedicine-enabled pharmacy organization that has developed and commercialized a proprietary robotic dispensing platform and home delivery operation focused on the Medicare Advantage market in the US.