Wellnex Life Limited acquires teeth whitening brand – Mr. Bright

Wellnex Life Limited (ASX: WNX) announced that it had signed a binding Asset Sale contract to buy the whole of the premium teeth whitening brand Mr. Bright. The total consideration of the purchase is AU$1.5 million in ordinary shares in Wellnex at a minimum price of AU$0.10 per share or the 5-day Volume-weighted average price immediately before the settlement, whichever is higher.

Mr. Bright has growing revenue and profitability with annualised revenue of approx. AU$4.0 million, and in FY22, the company has normalised Earnings before Interest, Tax, Debt, and Amortisation of approx. AU$800,000, and it will further increase Wellnex’s portfolio in the fast-growing health and wellness market and is likely to increase its overall margins.

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