MYOS RENS Technology Inc. (NASDAQ: MYOS) has announced key developments following a special shareholders meeting on November 16, 2020. Shareholders approved a reverse stock split at a ratio determined to be one new share for every 12 shares outstanding. Additionally, MYOS will merge with MedAvail, Inc., making MedAvail a wholly-owned subsidiary. Prior to the merger, MYOS will transfer its assets to a new subsidiary, MYOS Corp., to continue its business on a private basis. Shareholders should read the detailed Proxy Statement available through the SEC for further insights.
MYOS RENS Technology Inc. announced a merger with MedAvail, Inc., where MedAvail will become a wholly-owned subsidiary of MYOS. The merger is set to exchange MedAvail's outstanding shares for approximately 1.26 shares of MYOS, post-reverse stock split. Existing MedAvail security holders are expected to own about 97.2% of the combined company, with MYOS holders at 2.8%. This strategic transaction aims to bolster operations and market position, following the SEC's clearance of their Registration Statement on Form S-4.
MYOS RENS Technology, known for Fortetropin®, reported Q3 2020 financial results with a revenue increase of 39% to $485K, driven by its Canine Muscle Formula. Despite a 4% drop in operating expenses, costs surged 42% due to increased sales. Gross profit rose by 35% to $237K. Year-to-date, revenues jumped 69% to $1.1M. Operating losses narrowed by 26% to $2.4M. MYOS is preparing for a merger with MedAvail, with a shareholder vote scheduled for November 16, 2020, aiming for enhanced operational efficiencies and shareholder value.
MYOS RENS Technology has engaged The S3 Agency to lead a public relations and social media campaign aimed at highlighting muscle health and the benefits of Fortetropin, its bioactive formula derived from fertilized egg yolk. Clinical studies show that Fortetropin enhances muscle synthesis significantly, improving athletic performance and recovery. MYOS offers several Fortetropin-based products, including Yolked for athletes and a canine formula. This partnership aims to reinforce the brand's messaging on muscle health amid growing public interest.
MYOS RENS Technology Inc. (MYOS) reported remarkable financial results for Q2 2020, with net revenues increasing 114% to $329,000 compared to $154,000 in Q2 2019. Gross profit also rose by 116% to $157,000. Operating expenses decreased by 26% to $921,000, leading to a net loss of $771,000, a 34% improvement over the previous year's loss. For the first half of 2020, revenues surged 104% to $619,000. MYOS is advancing its Fortetropin product through clinical trials and partnerships while transitioning towards a private company, aiming to streamline operations and enhance focus on nutrition and animal health.
MYOS RENS Technology (MYOS) has announced a definitive Merger Agreement with MedAvail, where MYOS's assets and liabilities will merge with MedAvail, forming MedAvail Holdings, Inc. Following the merger, MYOS shareholders will receive equity in both MedAvail and MYOS's muscle health business, expected to be spun off. MedAvail will pay $2 million in cash and a $3 million promissory note. Stockholder approval and a minimum financing of $30 million are required for the merger, expected to close by December 31, 2020.