Inspire Veterinary Partners Inc. (NASDAQ:IVP) shares surged 27.09% in after-hours trading on Wednesday, reaching $0.058.
Check out the current price of IVP stock here.
According to Benzinga Pro data, the stock closed the regular session at $0.045, down 3.61%.
Consulting Agreement Triggers Movement
The Virginia Beach-based veterinary consolidator disclosed in an 8-K filing dated Wednesday that it entered into a consulting agreement with 622 Capital LLC last week, according to the Securities and Exchange Commission.
An 8-K reports material events that investors should know about between a company’s quarterly reports.
Share Compensation Structure
Under the agreement, Inspire Veterinary Partners will issue 9.45 million Class A common shares, with a par value of $0.0001 each, to 622 Capital for business development services tied to financing opportunities. The company issued 3.3 million shares at signing, with the remaining 6.15 million shares to be delivered within five business days, according to the filing.
The shares are being issued through the company’s 2022 Equity Incentive Plan, which gives employees ownership in the company to align their success with the business.
IVP President and CEO Kimball Carr signed the filing.
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The shares are registered on Form S-8, an SEC filing used to issue securities under employee benefit plans.
Emerging Growth Context
IVP trades on the Nasdaq Capital Market and maintains emerging growth company status. The consulting agreement includes standard confidentiality provisions and indemnification clauses, with either party able to terminate upon 30 days’ written notice.
The agreement prohibits both parties from soliciting each other’s employees for 12 months post-termination and is governed by New York state law.
Trading Metrics
The stock’s Relative Strength Index (RSI) stands at 18.27.
The stock has experienced a significant decline over the past year, with a 12-month performance of -99.03%. This drastic drop reflects a long-term bearish trend that traders should consider when evaluating potential entry points.
Inspire Veterinary Partners has a market capitalization of $1.78 million. Its stock has traded between a 52-week high of $5.95 and a low of $0.04.
Traders should be aware that the stock’s current position at about 0.08% of its 52-week range indicates it is near its lows, which could make it a riskier buying opportunity.
Benzinga’s Edge Stock Rankings indicates IVP stock has a negative price trend across all time frames. Here is how the stock fares on other parameters.
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Photo Courtesy: Miha Creative on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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