Brief: Avalon Globocare To Acquire Leading Laboratory With 2021 Unaudited Revenue Of Over $25 Mln

Change Agents

08/11/2022 14:20

Nov 8 (Reuters) - Avalon Globocare Corp  AVCO.O :
    * AVALON GLOBOCARE SIGNS DEFINITIVE AGREEMENT FOR
TRANSFORMATIONAL
ACQUISITION OF LEADING LABORATORY WITH 2021 UNAUDITED REVENUE IN
EXCESS OF $25 MILLION
    * COMPANY TO BEGIN TRADING UNDER NEW SYMBOL "ALBT" ON
NOVEMBER 10,
2022
    * TOTAL CONSIDERATION FOR ACQUISITION WILL BE $31 MILLION
    * AVALON GLOBOCARE - DEAL CASH PORTION TO BE FINANCED WITH
PRIVATE
PLACEMENT OF $15 MILLION OF PREFERRED STOCK, CONVERTIBLE AT A
FLOOR OF $1.00 PER SHARE
    * SHARES OF CO'S COMMON STOCK WILL BEGIN TRADING UNDER NEW
TICKER
SYMBOL "ALBT" ON NASDAQ CAPITAL MARKET ON THURSDAY, NOV 10
    * SARAH COX, CO-FOUNDER AND CEO OF LABORATORY SERVICES, WILL
BECOME CHIEF OPERATING OFFICER OF COMPANY
    * HAS SIGNED A DEFINITIVE ACQUISITION AGREEMENT TO ACQUIRE A
60%
INTEREST IN LABORATORY SERVICES MSO, LLC

Source text for Eikon:  ID:nGNXbbrjdM 
Further company coverage:  AVCO.O 
 ((reuters.briefs@thomsonreuters.com;))