Sam is a trader and one of our lead stock analysts at AskTraders. After starting his career predominantly in the forex markets, Sam now focuses on gold and stocks with a preference for macroeconomic analysis.
Shares of fintech platform [email protected] (LON: SYME) are climbing on Tuesday after the company announced it has signed Heads of Terms to acquire a leading FinTech-powered commodities trade enabler focused on SMEs.
SYME’s share price is trading at 0.502p after a 4.5% rise.
SYME said the acquisition will allow it to complete its global offering by monetising inventory, commodities in particular, “in-transit”.
The UK-based firm said the acquisition will “generate a number of attractive synergy benefits for SYME from both a funding and customer origination perspective.”
The company expects to complete the transaction within the next month. They also plan to issue a trading update before the end of March.
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