InnerScope Hearing Technologies (OTCMKTS: INND) was up 44% after the company announced the signing of a Letter of Intent to purchase 100% interest in Hearing Assist II LLC.
Market Action:
On Wednesday, INND stock rose 44.25% at $0.0126 with more than 214.06 million shares, compared to its average volume of 45.32 million shares. The stock has moved within a range of $0.0090 – 0.0126 after opening the trade at $0.0100.
Key Driver
The companies executed the LOI on October 19, 2021, and now they are working on a definitive agreement expected to finalize on November 15, 2021. Since its establishment in 2008, HearingAssist has sold over 500,000 hearing aids to close to 400,000 clients through retail partners and direct to consumers. The company’s products are available across 757 Walmart stores in five states. It has several vendor contracts in place, and expansion is ongoing with other retailers and Walmart.
According to InnerScope, HearingAssist’s acquisition will elevate it as a leading DTC hearing aid sales player in the market. In addition, the recent iHear Medical acquisition and its experienced R&D team, 40+ patents, and FDA-Registered hearing aid production facility enhance InnerScope’s position over other competitors. So in the coming months, INND is worth keeping an eye on.
