NVOS - Novo Integrated Sciences Shares Surge 70% After Company Secures $78M Funding From HSBC For Acquisition Of Ophir Collection | Benzinga
Novo Integrated Sciences (NASDAQ:NVOS) surged 70.29% in after-hours trading to $0.77 following HSBC‘s confirmation of a $78 million Standby Letter of Credit.
What Happened: Novo Integrated Sciences has confirmed receiving written confirmation from HSBC for a Ready, Willing, and Able (RWA) issued for the delivery of a Standby Letter of Credit via Swift MT 760, according to a company press release filed with the SEC.
This move is part of a program aimed at monetizing the SBLC, which is projected to provide the company with gross funding proceeds of approximately $78 million by Jun. 14.
The proceeds are intended to secure the closing of a previously disclosed Purchase and Sale Agreement to acquire the Ophir ...