Stock Alert: Moxian Touches New 52-week High On Merger News
Shares of Moxian Inc. (MOXC) are rising more than 21 percent or $0.45 in Thursday’s morning trade at $2.57, after earlier touching a new 52-week high of $3.44 as the China-based social networking platform operator agreed to merger terms with Btab Group Inc.
Wednesday, Moxian said that following a letter of intent as of August 8, it has today signed a share exchange agreement with Btab Group Inc., a Delaware corporation.
Under the deal, Moxian will issue about 59 million new shares of common stock and 50 million of Class A preferred stock with restrictive voting rights, in exchange for the entire equity of Btab, in a business combination which will value the combined entity at over $400 million and not less than $40 million in annual revenue.
Moxian has traded in a range of $0.50 to $3.44 in the past 52 weeks.
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