By Dean Seal
Shares of Bruush Oral Care more than doubled after the company said it would merge with Arrive Technology.
The stock was changing hands at 43 cents in premarket trading after closing the market on Thursday at 17 cents. At that point, shares were down nearly 99% since the start of the year.
The electric toothbrush maker said Friday morning that merging with Arrive would create a combined company focused on advancing and implementing Arrive's smart Mailbox-as-a-Service platform to streamline the exchange of goods between people, robots and drones.
Chief Executive Aneil Manhas said the merger comes after Bruush's board reviewed numerous strategic alternatives that would create shareholder value.
Bruush and Arrive will combine their businesses through an all-stock reverse triangular merger. The deal has been approved by the boards of both companies and is expected to close in the first quarter of next year.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 15, 2023 08:02 ET (13:02 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Comments