The winds of change keep blowing at Attis Industries, née Meridian Waste Solutions, (NASDAQ: MRDN). After agreeing to sell their solid waste management assets about a month ago for about $90 million, the company, then called Meridian, changed its name to Attis Industries and set its focus on its biomass innovation and healthcare technology businesses.
Wall Street didn't seem to like the idea too much. Shares of MRDN sank form about 90 cents to a low of 50 cents in two weeks.
The stock stabilized (technical support around 60 cents) and started moving up with some news last week that the Atlanta-based company's subsidiary, Attis Innovations, forged a partnership with the Gulf Citrus Growers Association and the University of Florida Southwest Florida Research and Education Center to evaluate citrus trees as a feedstock for its proprietary biomass processing technology.
The joint effort has dual purpose in creating feedstock and helping the Florida citrus industry manage a plant disease known as "greening" that is caused by common bacteria called psyllids that ultimately result in the lifespan of the infected tree being halved.
More life has been breathed into the stock on Thursday as Attis said it has inked a letter of intent to acquire an unnamed "transactional-based virtual currency company." Management noted that the LOI is non-binding and needs to be replaced by a definitive agreement as due diligence is completed. Still, the company said it anticipates the deal being closed during the second quarter.
Jeff Cosman, CEO of Attis, commented that the acquisition represents a potential new division for his company, as it reaches into additional markets through the blending of its innovations and healthcare divisions into the fintech space, especially as how it relates to cryptocurrencies and the underlying blockchain technology.
Cryptocurrencies and blockchain stocks, the hottest thing on Wall Street at the end fo 2017, have come under some fire recently as Bitcoin pulls back from its record high, but investor still seem to like hearing about the new direction that Attis is taking as measured by MRDN's activity in Thursday morning trading. As of late morning Thursday, shares were ahead 18 cents, or 28.1%, at 81 cents.
