Avalon GloboCare rises on laboratory services deal

Change Agents

08/11/2022 16:07

** Shares of drug developer Avalon GloboCare Corp  AVCO.O 
up 22.9% at 13 cents
    ** AVCO to buy majority interest in diagnostic test provider
Laboratory Services MSO in $31 mln deal  urn:newsml:reuters.com:*:nGNXbbrjdM
    ** Deal consideration consists of $15 mln in cash, $15 mln
in shares of AVCO's Series B preferred stock and $1 mln payable
on the first anniversary of the closing date
    ** Shares of Avalon's common stock will begin trading under
the new ticker symbol "ALBT" on the Nasdaq on Nov 10
    ** Over 1.3 mln shares change hands, more than 7.3 times the
stock's 25-day average trading volume   
    ** YTD, stock down 17.3% YTD
 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((nandhini.srinivasan@thomsonreuters.com))