VIEW - Why Is Trxade Health (MEDS) Stock Down 13% Today?
2023-06-27 09:11:38 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Trxade Health (NASDAQ: MEDS ) stock is falling on Tuesday after the company announced it would undergo a merger with Superlatus .
That merger will see Trxade Health distribute 3,839,176 shares of MEDS stock to current shareholders in Superlatus. This will result in these shareholders owning 19.99% of the combined company.
To go along with that, Superlatus investors will also receive a new class of non-voting shares in Trxade Health. These shares will be distributed based on shareholders’ pro rata percentage ownership.
Why This Has MEDS Stock Down
Investors will note that MEDS stock isn’t actually falling on this news. Instead, the merger announcement actually sent shares soaring almost 94% higher during normal trading hours on Monday. Today’s movement is simply the stock settling to a slightly lower price after such a massive rally.
As far as other stock movement goes today, about 155,000 shares of MEDS stock are on the move as of this writing. That’s still well below the company’s daily average trading volume of about 427,000 shares. It also pales in comparison to the 13.5 million units that changed hands alongside the merger announcement yesterday.
Keeping all of this news in mind, shares of MEDS stock are down 12.9% as of Tuesday morning.
Investors on the lookout for even more of the most recent stock market news are going to want to stick around!
We have all of the biggest stock market stories that traders need to know about on Tuesday! That includes everything happening with shares of Lordstown Motors (NASDAQ: RIDE ) stock, View (NASDAQ: VIEW ) stock, and Surgalign Holdings (NASDAQ: SRGA ) stock today. You can get up to speed on all of this news by checking out the following links!
More Stock Market News for Tuesday
- Why Is Lordstown Motors (RIDE) Stock Down 59% Today?
- Why Is View (VIEW) Stock Up 11% Today?
- Why Is Surgalign Holdings (SRGA) Stock Up 10% Today?
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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 .
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