The Powerbridge Technologies Co Ltd (NASDAQ: PBTS) stock price rallied 33.7% despite the lack of news releases from the Chinese company. The last significant announcement from the company was a series of acquisitions where it acquired stakes in companies such as DTI Group.
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Powerbridge also executed a definitive material agreement with a shareholder of SmartConn., Limited, according to which the Company agreed to purchase 31% of the issued share capital of the Target Company at 90% of the appraisal price. The agreement was signed on January 5, 2023, and reported on January 18th.
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The hi-tech company has been on an acquisition spree as it expands its operations by buying stakes in other firms, such as DTI Group and SmartConn Limited. The company also signed another material definitive agreement on December 16, 2022, with 14 shareholders of BOXINRUI INTERNATIONAL HOLDINGS LIMITED.
Powerbridge agreed to purchase 20% of the equity interest in Boxinrui for a total consideration of RMB48,206,973, which was settled via the issuance of 55,300,530 new ordinary shares of the company. The deal was just one of many recently signed by the company.
Powerbridge specialises in the blockchain, AI & IoT, and the metaverse. Its business segments include the industrial investment segment, the hi-tech sector and the platform operations segment. The firm is keen to grow all its business segments.
It is clear that Powerbridge has embraced an acquisition model as its primary growth avenue and is keen to acquire other companies for different reasons, some of which might be to get access to specific technologies, expand its geographical presence or gain new customers.
While the finer details of its material definitive agreements are not public, the deal-making spree embarked on by the company has drawn the attention of investors, more so retail investors, given the company’s low stock price.
Over 12.39 million PBTS shares had changed hands at the time of writing. The significant buying pressure on Powerbridge shares was not easing up, but the shares had given up some initial gains at writing.
*This is not investment advice.
Powerbridge Technologies (PBTS) stock price.
The Powerbridge Technologies (PBTS) stock price rallied 33.74% to trade at $0.18, from Friday’s closing price of $0.13.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.