04:44 PM EST, 12/17/2024 (MT Newswires) -- electroCore (ECOR) said Tuesday it agreed to acquire NeuroMetrix ( NURO ) along with its Quell platform, positioning itself as a "diversified, commercial-scale player in non-invasive health and wellness treatments."

Under the terms of the merger agreement, an electroCore subsidiary will merge with NeuroMetrix ( NURO ), making the latter a wholly owned subsidiary of electroCore.

NeuroMetrix ( NURO ) shareholders will receive the equivalent of the balance of NeuroMetrix's ( NURO ) net cash at closing, roughly $9 million. The shareholders will also receive one non-tradeable contingent value right per share of NeuroMetrix ( NURO ) common stock.

The boards of both companies unanimously approved the transaction, which will likely close late in Q1.

Shares of electroCore slumped 6.7% in after-hours activity.