JanOne surges on sale of unit in $13.5 mln cash-and-stock deal

AI Financial

31/05/2022 14:57

** Shares of JanOne Inc  JAN.O  more than double to hit a
2-month high of $4.67
    ** JAN second biggest pct. gainer across U.S. exchanges
    ** Co says it has sold its unit, GeoTraq, to SPYR
Technologies  SPYR.PK  in a $13.5 mln cash-and-stock deal
 urn:newsml:reuters.com:*:nPn9tDQN5a
    ** GeoTraq offers products that can be used for asset
tracking and remote monitoring
    ** JAN says GeoTraq's sale allows it to focus on its main
business of developing non-addictive, pain-relieving drugs
    ** Says sale to help fund clinical trials of its lead drug
candidate, JAN101, for the treatment of peripheral arterial
disease, which causes reduced blood flow in some vessels
    ** SPYR develops and resells Apple ecosystem-compatible
products 
    ** JAN down 45% YTD, as of last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))