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Bruush Oral Care, Inc. (NASDAQ:BRSH) shares are blasting higher Friday after the company announced an agreement and plan of merger with Arrive Technology.
What To Know:
Bruush Oral Care has announced that it will merge with Arrive Technology in a reverse triangular merger via an all-stock transaction and will conduct business as a technology company focused on a Mailbox-as-a-Service platform that facilitates smart and secure management of packages between people, robots and drones.
"We are thrilled to announce this proposed merger with Arrive," remarked Aneil Manhas, CEO of Bruush. "In a world hungry for a future of automated last-mile delivery, there is a critical need for a smart and secure exchange point, which Arrive is poised to redefine with its smart mailbox technology."
Bruush Oral Care shares are rocketing higher on heavy trading volume following the merger announcement. According to data from Benzinga Pro, more than 84 million shares have already been traded in the session, compared to the stock's 100-day average volume of just over 4 million shares.
"The Combined Company is expected to operate under the name Arrive Technology Inc. with its shares listed on the Nasdaq Capital Market under the ticker symbol ‘ARRV'," the company noted in the press release.
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BRSH Price Action: According to Benzinga Pro, Bruush Oral Care shares are up by 34.9% at 23 cents at the time of publication.
Image: AstralEmber from Pixabay
Posted In: BRSH
