Innovation Beverage Group (IBG) stock surged on Tuesday after the alcoholic and non-alcoholic beverage company announced a merger agreement with BlockFuel Energy. BlockFuel Energy will combine with a subsidiary of Innovation Beverage Group and survive the merger. This will also see BlockFuel Energy survive to become the main company, with its current shareholders being awarded 90% of IBG stock.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Innovation Beverage Group will also undergo a leadership change once the merger is complete. BlockFuel Energy President and CEO Daniel Joseph Lanskey will also be appointed the Chairman of the Board and CEO of Innovation Beverage Group. Sahil Beri, the current Chairman of the Board and CEO of Innovation Beverage Group, will become the President of the company’s new Australian beverage subsidiary, which is Innovation Beverage Group’s current business.
BlockFuel Energy taking over as the main business of Innovation Beverage Group will bring with it major changes. For example, the company doesn’t operate in the beverage space. Instead, it is dedicated to combining oil and gas exploration with power generation to provide energy to Bitcoin (BTC) mining operations and data centers.
Innovation Beverage Group Stock Movement Today
Innovation Beverage Group stock was up 184.48% in pre-market trading on Tuesday, following a 6.68% rally yesterday. The shares have fallen 65.82% year-to-date and 85.4% over the past 12 months. Today’s news came with heavy trading, as some 80 million shares changed hands, compared to a three-month daily average of about 600,000 units.
