Akers Biosciences, Inc. (NASDAQ: AKER) is engaged within the development of rapid health informational technologies. Shares of the medical device company jumped 42.28% during trading on Monday, November 19, 2018. Over the past three months, Akers Biosciences has seen average daily volume of 575,380 shares. However, volume of 15.37 million shares or dollar volume of $26.9 million, exchanged hands during trading on Monday.
Shares of Akers Biosciences climbed on Monday, after the company announced that it is exploring expansion opportunities into a number of alternative industries, including cannabis. The company detailed that members of its executive team were meeting with various cannabis companies and representatives at the MJBizCon conference. The goal is to help maximize shareholder value, after the stock has seen declines of nearly 65% over the past year. Here is the full press release detailing of the expansion announcement:
Akers Biosciences, Inc. Press Release:
THOROFARE, N.J., Nov. 19, 2018 (GLOBE NEWSWIRE) — Akers Biosciences, Inc. (AKER) (AKR.L), (“Akers Bio” or the “Company”), a developer of rapid health information technologies, is pleased to provide an update on the process announced on November 7, 2018 to evaluate strategic alternatives to maximize shareholder value.
The Company can now confirm that this process will consider a range of potential strategic alternatives including, but not limited to, business combinations in alternative sectors including cannabis related industries. Members of the Company’s board have recently met with a number of companies in cannabis related industries at the MJBizCon conference in Las Vegas, Nevada. Furthermore, the Company has engaged the firm of Feuerstein Kulick LLP as a legal advisor as the board continues its evaluation of opportunities within the cannabis space.
There can be no assurance that the exploration of strategic alternatives will result in any transaction or other alternative.
Howard R. Yeaton, Chief Executive Officer, commented:
“The Board of Directors and management of the Company are considering a number of exciting opportunities for business combinations including within the cannabis industry in which we believe opportunities exist for significant value creation. At the same time, we remain focused on our current business operations and customers and look forward to reporting further developments when appropriate.”
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company’s state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be found at www.akersbio.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, compliance with the requirements of various regulatory agencies and certain NASDAQ Stock Market listing rules, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions, as they relate to the Company, its subsidiaries, or its management. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially from those set forth in, or implied by, the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
