BiomX Inc. (NYSE:PHGE) shares are trending on Thursday.
Shares of the Israel-based physical-threat detection company climbed 25.24% to $0.35 after the bell Wednesday after BiomX announced that its subsidiary signed a non-binding letter of intent to acquire 60% of Tsoock Defense Technologies Ltd. for $10.4 million.
Tsoock Defense is an Israeli security-systems integrator with about 20 years of operating experience.
According to BiomX, terms include a $300,000 initial payment, with the balance due in quarterly installments, plus an option for BiomX to buy the remaining 40% for $9.2 million within 36 months.
Revenue Growth Backs the Deal
