Share of Medigus Ltd. (NASDAQ: MDGS) soared 65.61% on Tuesday after the company disclosed that it was informed by Smart Repair Pro, Inc. that it has received the approval of Amazon for the opening of its stores in five leading countries including France, Spain, Germany, Italy, and the UK. Smart Repair Pro is the data-driven e-commerce company that is currently operating in Amazon’s marketplace.
Medigus, medical devices company has earlier announced that it has entered into the e-commerce business by signing the contract with Smart Repair Pro, Inc. and Purex, Inc. Medigus has bought the controlling interest in Smart Repair and Purex Inc. It has got the ownership of 50.01% of the issued and outstanding share capital of each of the companies. The closing of the agreement based on certain conditions.
Medigus announced that it will invest $1,250,000 in the Companies, pay $150,000 in cash consideration to the current shareholders. It will issue $500,000 worth of restricted ADSs of Medigus to the current shareholders of such companies, with the value of restricted ADSs to be subject to downward adjustment based on the companies’ 2020 results.
Shares of Medigus Ltd. (NASDAQ: MDGS) traded up 65.61% as it gained +1.24 on the trading session of Tuesday. It has a 52-weeks low range of $0.83 and a 52-weeks high range of $5.15. This company has traded up 277.11% from its 52-weeks low and moved down -39.22% from its 52-weeks high. This company has a total market capitalization of $14.48 million at the time of writing.
Smart Repair Pro and Purex Inc. are currently engaged in the management of three successful brands on the Amazon marketplace. The e-commerce companies are offering a wide range of products to their customers. The initial information, these companies have provided to Medigus is that the revenue target of companies is approximately $3 million with a net profit of approximately 35% in 2020.