All-Cash Acquisition Announcement Sends Micro Cap Soaring

By: Dylan Sikes – AllPennyStocks.com News

Wednesday, February 1, 2023

A New York-based healthcare company already has traders excited on Wednesday morning after it was announced that the company has agreed to be acquired by French firm biosynex in an all-cash deal worth $17.2 million, according to the release.

This sent shares of Chembio Diagnotics Inc. (Nasaq:CEMI) soaring during Wednesday’s premarket as traders are currently bidding for shares at $0.4401/share (+22.25% implied open for sellers) at the time of writing. This move will be a strong continuation of the success this stock has had since the start of this year.

Chembio Diagnostics Inc is a company that develops, manufactures, and commercializes point-of-care diagnostic tests that detect infectious diseases. The products of the company include rapid tests for the detection of HIV 1/2 antibodies and a multiplex rapid test for the detection of HIV and syphilis antibodies. The company offered rapid medical tests that are offered in Africa, Asia, Europe, and the Middle East, Latin America and the United States, of which key revenue is derived from Latin America.

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