ismagilov
Endonovo Therapeutics (OTCQB:ENDV) said that it intends to seek a listing on a national exchange for the planned spinout of its medical device division and eventually uplist the shares of its legacy business.
The company added that its legacy business will focus on acquiring specialty services providers in the construction business. Endonovo recently signed a letter of intent to acquire a “highly profitable” commercial construction company and is seeking financing for additional acquisitions in the space.
Endonovo announced on Dec. 15 that it intends to spin off its medical device and telehealth assets, which will include its SofPulse wearable therapeutic devices, as a stand-alone company with a pre-money valuation of over $50M. The new company will be led by Endonovo’s president and chief commercial officer, Ira Weisberg.
Endonovo did not disclose the name of the proposed spinout or if it plans to change the name of its legacy business. The company announced in November that it was evaluating strategic alternatives for its SofPulse medical device assets.
Image and article originally from seekingalpha.com. Read the original article here.