Shares of pharmaceutical company Cosmos Health (NASDAQ:COSM) are trending lower today after it provided key updates on its acquisition of telehealth platform ZipDoctor.
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COSM has extended and updated its earlier non-binding LOI (letter of intent) to acquire ZipDoctor. COSM has renegotiated the acquisition price and the move means favorable payment terms for the company.
Looking ahead, COSM plans to expand Zipdoctor’s offerings to include talking to a doctor for additional treatments associated with health and wellness issues, weight loss as well as other treatments.
Additionally, COSM also provided an update on the current review of the trading patterns in its stock and has received trading data from Shareholder Intelligence Services. The company is now reviewing the data to chart its next steps of action.
COSM shares have been on a rollercoaster ride over the past few weeks, correcting to ~$3.05 on January 19 from a high of ~$8.98 on December 21. On Friday, the stock had surged nearly 72.5% on elevated volumes.
At the same time, short interest in COSM remains high at about 6%. Compared to an average trading volume of 7.44 million over the last three months, COSM shares saw a volume of about 72.4 million on Friday.
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