Stock Alert: MYOS RENS Technology Shares Spike 192% In Premarket On Merger Agreement With MedAvail

(RTTNews) - Shares of MYOS RENS Technology Inc. (MYOS) are rallying over 192% in pre-market today, after the company announced a definitive Agreement and Plan of Merger and Reorganization with MedAvail Inc.

Under the merger agreement, a wholly-owned subsidiary of MYOS would merge with and into MedAvail, with MedAvail being the surviving corporation and a wholly-owned subsidiary of MYOS.

Upon closing of the merger, MedAvail would pay the spun-out business $2 million in cash and issue a promissory note for an additional $3 million, payable in installments within one year of the closing of the Merger.

The stock has been trading in the range of $0.74 - $1.80 for the past one year, and closed Tuesday's trade at $0.88, down 1 cent or 1.12%. Trading volume was 875K versus an average volume of 479K shares. MYOS is currently trading at $2.57, up $1.69 or 192.05% in the pre-market session.