BRQS - Borqs plans to divest its ownership of Holu Hou Energy due to deemed critical technology
- Borqs Technologies ( NASDAQ: BRQS ) is required to negotiate with Committee on Foreign Investment in the US (CFIUS) to fully divest its ownership interests and rights in Holu Hou Energy due to HHE solar energy storage system and EnergyShare technology for Multi-Dwelling Residential Units ((MDU’s)) being deemed a critical technology and therefore a potential national security risk.
- Since company’s financial support in HHE starting from October 2021, HHE has signed ~$50M in contracts and has a growing pipeline approaching half a billion dollars.
- Stock rises 3.4% during after hours
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Borqs plans to divest its ownership of Holu Hou Energy due to deemed critical technology