Taoping Inc’s (NASDAQ: TAOP) share price is gaining premarket on Friday after the company announced it has entered into a consulting agreement with Great Bay Capital Investments.
The China-based firm said the deal will provide them with business development services focused on blockchain and digital assets investment opportunities and introduce TAOP to potential investors for strategic investment.
It will also introduce potential merger and acquisition targets in the blockchain industry and help the company complete due diligence work.
“TAOP started research on applying blockchain technology to Taoping New-media Ecosystem three years ago. In the past three years, we kept upgrading Taoping smart cloud platform and Taoping screens are now available in 211 cities across 26 provinces in China,” said Jianghuai Lin, Chairman and CEO of TAOP.
“Also, growing market demand for digital assets such as Bitcoin, maturity of advanced solutions, and improving regulatory clarity present considerable market opportunities,” added Lin.
Taoping has also agreed to issue a warrant to Great Bay within seven days after execution of the agreement for the purchase of 1 million ordinary shares of Taoping stock, exercisable at $3.50 per share.
The Nasdaq listed company’s stock price has surged on the news, currently trading at $11.28, up 95.83% premarket.