Shares of Bruush Oral Care experienced a significant surge, more than doubling in value, following the company’s announcement of a merger with Arrive Technology. Pre-market trading saw the stock soar to 43 cents, a remarkable increase from the previous day’s closing price of 17 cents. This surge comes as a positive turnaround for Bruush, whose shares had previously plummeted by almost 99% since the beginning of the year.
The merger, disclosed by the electric toothbrush manufacturer on Friday morning, aims to establish a unified company that will focus on advancing and implementing Arrive’s innovative smart Mailbox-as-a-Service platform. The primary goal is to enhance and streamline the exchange of goods among individuals, robots, and drones.
Expressing his excitement about the merger, Bruush’s Chief Executive, Aneil Manhas, emphasized that the board extensively considered various strategic alternatives to generate maximum value for their shareholders. Consequently, the decision to merge with Arrive was reached after careful evaluation.
To achieve this merger, Bruush and Arrive will consolidate their operations through an all-stock reverse triangular merger. The respective boards of both companies have already given their approval to the deal, with the closing expected to take place in the first quarter of next year.