Yesterday, Endonovo Therapeutics Inc (OTCMKTS:ENDV) was in the news cycle after it announced that it had inked a binding letter of intent regarding the spinoff of its medical device business into an entity that would be controlled by Ira Weisberg.
On Wednesday, ENDV stock moved up 19.88% to $0.0199 with more than 1.32 million shares, compared to volume of 409.62K shares. The stock moved within a range of $0.0140 – 0.0200 after opening trade at $0.0165.
Endonovo Announces Binding Letter of Intent to Sell SofPulse® Assets to Spin-Off Company
Weisberg would be the Chief Executive Officer and President of the newly formed Delaware registered publicly traded company. The company is tentatively named SofPulse Inc at this point in time. In order to ensure that the new entity commands the right market value, all the intellectual property and assets of SofPulse are being evaluated by the firm Ocean Tomo.
However, at the same time, it should be noted that the acquisition in question is yet to be completed and is going to be subjected to completion of definitive purchase agreement, negotiation and due diligence.
Not too long ago Endonovo Therapeutics had hired the services of Ocean Tomo for the sole purpose of evaluating its medial intellectual property assets so as to go for this spinoff. The report that would be furnished by Ocean Tomo would also be part of the filings with the Securities and Exchange Commission. It may be a good idea to keep an eye on further developments.