Shares of emerging and disruptive leader in the Direct-to-Consumer Hearing Technology space, InnerScope Hearing Technologies Inc (OTCPk:INND) closed up 6.10 percent on Monday at $0.0087 and have been trading between $0.0078 and $0.0089 during the session. INND stock dropped more than -9% this month; with an average volume of 33.89M shares.
On a three-month performance basis, INND stock has fallen over -41.61% while average volume for the stock was 48.18M. The last year has been a good one for the INND stock as the stock price gained over 8,600%, peaking at $0.0980 with a $52.37M market cap. INND stock picked up the momentum after the business acquired assets.
What acquisition has INND completed?
InnerScope is one of the most reputable manufacturers and distributors of FDA-registered hearing products and personal sound amplifiers products (PSAP) dedicated to addressing the global demand for high-quality hearing aids. The products and business model of INND break down many of the barriers that require hearing aids to be effective.
InnerScope completed an agreement to acquire all of the assets and operations of San Leandro, California-based iHEAR Medical Inc. iHEAR’s direct-to-consumer hearing solutions were pioneered in 2010. Adding to INND’s position as the leader in over-the-counter (“OTC”) and direct-to-consumer (“DTC”) hearing products, the Acquisition bolsters its business.
- INND’s acquisition expands its product offerings to include the iHEARtest, the only FDA-cleared hearing screener, advanced hearing aids that are FDA-registered and TReO PSAP.
- In addition to growing INND’s customer base, the acquisition provides INND with access to iHEAR’s retail and contracted distribution channels.
- The INND will work toward advancing the vision and mission of iHEAR to provide affordable hearing solutions to the world.
- Bringing together INND’s business model with iHEAR’s innovative online platform, users will have undisputed access to the world’s best listening devices.
- INND now has access to over 40 patents in hearing technology as a result of the acquisition of iHEAR Medical.
- INND is able to rapidly expand sales and distribution through iHEAR and its technology partners, particularly through pharmacies and insurance providers.
How does INND plan to move forward?
Aside from the FDA-registered manufacturing facility and R&D center, INND acquired the shipping operations of iHEAR in San Leandro, California, in the transaction. In addition to leveraging the excellent R&D capabilities of iHEAR Medical, InnerScope (INND) plans to create next-generation hearing products that rely on artificial intelligence (AI), advanced sound processing, and seamless wireless connectivity.