Neptune Wellness Shares Spike Ahead Of Sprout Foods Deal

Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT) agreed to acquire a 50.1% interest in baby food and snack company Sprout Foods for $6 million in cash and $12 million via issuance of 6.74 million Neptune shares.

The company's shares spiked 92% premarket ahead of the announcement.

Sprout is a portfolio investment of Morgan Stanley Expansion Capital (MSEC), which will subsequently become a shareholder in Neptune. 

Under the deal, Sprout will become a subsidiary of Neptune.

In addition, Neptune is vouching for a $10 million note …

Full story available on Benzinga.com

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