NxGen Brands Inc. (OTC:NXGB) Stock Moves Up 16% After Acquiring Established Brand “Storm Lifestyles”™
On Thursday, there were a number of companies that saw their stocks make significant gains, and this morning, many of those companies would possibly come into focus among investors today. One such company could well be NxGen Brands Inc. (OTC:NXGB), after it made a key announcement yesterday.
Joseph Lawanson, CEO of NxGen, stated when discussing the products, “‘Pre-Workout’ is one of the most impressive products to hit the pre-workout and active-living scene. It is absolutely stuffed full of clinically studied and proven-branded ingredients. featuring powerful and long-lasting energy as well as strength enhancers. ‘Revive’ is a combination of 20 amino acids that promote protein synthesis and muscle repair, combined with replenishing hydration. It also includes high-quality and trademark ingredients: Myo-SeqTM, AstraGinTM, and VelositolTM for optimal absorption.”
The stock rallied strongly and ended up with gains of as much as 16% after the company revealed its plans for the innovative sports nutrition brand ‘Storm Lifestyle’, which it had acquired not too long ago. The brand had been launched with considerable fanfare at Olympia in 2021, and since then it has recorded strong growth in the retro fitness and younger demographics. Moreover, the retail reach of Storm Lifestyle also turned it into a major new player.
The company announced in its press release that, as per Statista Research, the valuation of the global sports nutrition market stood at more than $81 billion. Storm Lifestyle has already managed to generate sales in South America, the United States, and Canada. The Chief Executive Officer of NxGen Brands, Joseph Lawanson, spoke about the products from Storm yesterday. He spoke at length about the different products like BURN, Focus, and Revive that are offered by Storm and how they help consumers.
Additionally, the company also revealed that it had also reached agreements with former officers to buy and then retire as many as 14 million shares. 40 million shares had also been issued to the current CEO of the company, but restrictions are not going to be removed on those shares until 2026.
The company further revealed that only 5.6 million shares are currently held at DTC in the free trading float of shares and part of the issued share capital of 63079566. It remains to be seen if the stock can continue to add to its gains today.
