electroCore (ECOR) said Tuesday it agreed to acquire NeuroMetrix (NURO) along with its Quell platform, positioning itself as a "diversified, commercial-scale player in non-invasive health and wellness treatments."
Under the terms of the merger agreement, an electroCore subsidiary will merge with NeuroMetrix, making the latter a wholly owned subsidiary of electroCore.
NeuroMetrix shareholders will receive the equivalent of the balance of NeuroMetrix's net cash at closing, roughly $9 million. The shareholders will also receive one non-tradeable contingent value right per share of NeuroMetrix common stock.
The boards of both companies unanimously approved the transaction, which will likely close late in Q1.
Shares of electroCore slumped 6.7% in after-hours activity.
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