Urban-Gro shares surge 32.14% intraday after securing $24M cannabis facility contract.

Urban-Gro Inc. (UGRO) surged 32.14% intraday following the announcement that it entered into a non-binding letter of intent to sell its 2WR subsidiary. The strategic move, aimed at streamlining operations and focusing on core business segments, appears to have bolstered investor confidence. This development aligns with the company’s ongoing efforts to address Nasdaq compliance issues and review strategic alternatives, as previously disclosed. While earlier contract wins in cannabis and architectural design sectors had driven prior gains, the immediate catalyst for the sharp intraday rally was the subsidiary sale initiative, signaling a potential restructuring to enhance financial flexibility.