New Age Beverages announces merger, stock more than doubles in after-hours trading
New Age Beverages Corp. shares jumped more than 100% in after-hours trading Monday after the beverages company announced a merger with a multilevel-marketing company and other consumer-product makers. New Age — which reached a level of notoriety on Wall Street in recent years by pushing drinks made with CBD, a non-intoxicating compound derived from marijuana — said it will combine with ARIIX and its brands of goods. New Age plans to acquire ARIIX for a combination of $25 million in cash, 18 million shares and convertible notes totaling more than $150 million. It will bring in ARIIX subsidiaries offering a variety of “health and wellness” products, including supplements, seaweed-based nutritional products and DNA-sequencing products. New Age Beverages shares more than doubled in after-hours trading, following a gain of 4.8% to $1.74 in regular trading. The stocks has declined 57% in the past year.
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