NXGB - Shares Of This Company Jump Following News of Second Acquisition

2023-12-07 11:45:26 ET

This company is seeing major action today, with shares surging following news that it signed an LOI to acquire one of the fastest-growing nutritional supplement brands in the United States.

%NxGenBrands (OTC: NXGB) announced the LOI signing, which calls for NxGen to draw up final documents that are expected to be completed and executed by both parties during December 2023, with closing happening before the end of the year. The acquisition target will likely have unaudited revenues of around $1m at closing for 2023 and is profitable.

The news follows the firm’s recent announcement that it had already completed its first roll-up by acquiring ‘Storm Lifestyle Brands,’ which was launched in October 2021 to great fanfare. NxGeny believes that this new acquisition will fit into a different but equally fast-growing demographic.