Among the stocks that recorded gains on Tuesday, the gains made by the SOHM Inc (OTCMKTS:SHMN) stock were quite notable. The generic pharmaceutical, cosmeceutical, and nutraceutical firm saw its stock soar by as much as 126% after it made a key announcement yesterday.
The rally in the stock came about after the company announced that it signed a letter of intent with regards to the acquisition of a pharmaceutical company based out of Southern California. The name of the company was not revealed by SOHM.
The Chief Executive Officer of the company, Baron Night, spoke about the acquisition as well. He stated that the acquisition is going to further strengthen SOHM’s presence in the prescription pharmaceutical and OTC space in the United States.
He added that once the acquisition is completed, the company is going to have a distribution network spanning multiple states. In light of the gains made by the stock, it might be a good idea for investors to keep an eye on the stock.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.