IFBD - Why Infobird Stock Is Gliding Higher | Benzinga
Infobird Co. Ltd. (NASDAQ:IFBD) on Thursday announced it has entered into an equity acquisition agreement with Shangri-La Trading Limited.
The Details:
According to an SEC filing, Infobird will acquire 65% of the issued and outstanding equity of Pure Tech Global Limited. The acquisition is expected to be closed in July 2024.
The aggregate purchase price for the equity acquisition was approximately $40 million and will be funded using the cash on hand of $33 million and a promissory note of $7 million.
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Infobird shares are moving on heavy trading volume as investors digest the news. According to data from Benzinga Pro, more than 2.18 million shares have already been traded in the session and the stock has a float of only 1.338 million shares. It should also ...