Australia's Wellfully soars on completing non-binding MoU for merger

Wellfully

06/12/2022 02:42

** Shares of Australia's Wellfully Ltd  WFL.AX  rise as much
28.6% to A$0.018 - set to climb the most since Oct 14, if gains
hold
    ** Science-based wellness firm says it has completed a
non-binding MoU for a merger with The Brandbase (TBB), a group
of private cos
    ** Says if merger goes through, TBB is expected to help co
significantly increase revenue, improve gross margin, and
accelerate growth plan
    ** Says proposed transaction would be in share exchange
form, will issue new shares to the value of A$1 mln ($672,700)
    ** WFL stock hits it highest since Nov 29
    ** Stock had fallen 79.7% this year, as of last close
($1 = 1.4865 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))