InnerScope Hearing Technologies (OTC: INND) Completes – GlobeNewswire
ROSEVILLE, Calif., Nov. 29, 2021 (GLOBE NEWSWIRE) — via InvestorWire — InnerScope Hearing Technologies Inc. (OTC: INND) (“InnerScope”), an emerging and disruptive leader in the Direct-to-Consumer Hearing Technology space, today announced, effective as of Nov. 23, 2021, (the” Date of Close”) it has completed the acquisition of Hearing Assist …….
ROSEVILLE, Calif., Nov. 29, 2021 (GLOBE NEWSWIRE) — via InvestorWire — InnerScope Hearing Technologies Inc. (OTC: INND) (“InnerScope”), an emerging and disruptive leader in the Direct-to-Consumer Hearing Technology space, today announced, effective as of Nov. 23, 2021, (the” Date of Close”) it has completed the acquisition of Hearing Assist II, LLC. (“HearingAssist“). HearingAssist is an established leader in the direct-to-consumer hearing aid market with over 500,000 hearing aids sold and top-line revenues of more than $72 Million since 2018 and is Walmart’s largest hearing aid supplier. HearingAssist has deployed product displays in 757 Walmart stores throughout five states.
Transaction Details
The purchase price was a total of $10 million equivalent of InnerScope’s restricted shares of common stock subject to a 24-month Leak Out Agreement. The restricted shares are split equally into two different fixed price per share amounts. The first $5 million shares are at a fixed price of $0.0089 per share based on the terms of the Oct. 3, 2021, executed LOI. The second $5 million shares are at a fixed price of $0.17 per share, putting InnerScope’s Market Cap exceeding $1 Billion. Additionally, the executed Leak Out Agreement restricts the shareholders to only covert and sell up to 25% of the total amount of the restricted shares at each 6-month interval commencing on the Date of Close after the SEC Rule 144 6-month holding period.
As a result of the acquisition, HearingAssist will continue to operate under Hearing Assist Direct, Inc., InnerScope’s wholly owned subsidiary. In addition, InnerScope has retained the same management and operations team that has made the brand so successful.
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