Those investors who are looking into some of the major gainers from yesterday this morning could consider taking a look at the InnerScope Hearing Technologies Inc (OTCMKTS:INND) stock. The stock was in sharp focus among investors yesterday following a major announcement from the company and ended the day with gains of as much as 30%.
Trading Data
On Monday, INND stock jumped 29.69% at $0.0166 with more than 200.60 million shares, compared to its average volume of 75.05 million shares. The stock has moved within a range of $0.0137 – 0.0169 after opening trading at $0.0137.
Completes Acquisition of Hearing Assist
The company, which is a major player in the direct to consumer hearing technology industry, announced on Monday that it had completed the acquisition of Hearing Assist II LLC. However, in this regard, it is also necessary to point out that the company also announced that the deal had actually been completed on November 23, 2021.
In this regard, it should be noted that Hearing Assist is an important player in the direct to consumer hearing solutions market in its own right and has already sold in excess of half a million hearing aids. Since 2018, it has generated revenues of as much as $72 million and remains the biggest hearing aid supplier to retail behemoth Walmart.
The acquisition was completed by InnerScope in a deal worth as much as $10 million. The deal was completed in the form in the form of $10 million worth of InnerScope restricted common stock.
Key Quote
“The HearingAssist team is very excited about this opportunity to join forces with InnerScope to become the number one global leader in the direct-to-consumer hearing aid market,” said Floyd Kuriloff, founder of Hearing Assist II LLC. “Combining the talents and experience of HearingAssist, with our deep marketing and distribution experience and InnerScope, with its decades of proven track record of retail hearing aid sales and hearing aid R&D manufacturing, will create a powerful disruptive company in the global hearing device market.”
