Exactus Inc (OTCMKTS:EXDI) Stock Soars 60%: What’s The Buzz?

If you are currently looking into some of the bigger movers in the market this morning then it might be hard to overlook the Exactus Inc stock, which has clocked gains of 45% so far. In order to figure out the reason behind the rally in the Exactus Inc (OTCMKTS:EXDI) stock, it is important to look into an announcement from the plant based biotech company 22nd Century Group. 22nd Century announced this morning that it inked an agreement which relates to the restructuring of its investment in Panacea Life Sciences Inc.

While the agreement has many wide ranging provisions, there is a fine print that relates to Exactus and that has sent the stock soaring this morning.

As per the provisions of this agreement, 22nd Century currently holds as many as Series B Preferred Stock in Panacea and that stock is now going to be converted into 91 million shares in Exactus. Once this agreement goes through, this share exchange is going to be reflected in 22nd Century’s books with immediate effect. It is a significant development for Exactus and could prove to be a major long term boost for the company. Investors could consider keeping the stock in their watch lists over the coming days.

Market Action:

As of 11:51, EXDI stock soared 46% at $0.1460. The stock has traded 2.21 million shares, compared to  its average volume of 31k shares.  The stock opened at $0.10 and moved in a range of $0.1000 – 0.1990.