IMTE - Integrated Media Technology jumps 7% on acquisition of Internet of Medical Things company

Integrated Media Technology (NASDAQ:IMTE) to acquire 100% equity interest in Magnum International for $11M which will be paid by the issuance of ~3.6M ordinary shares in the company at $3.03 per share. The acquisition of Magnum is conditional on, and amongst other conditions, a satisfactory due diligence on the legal and financial affairs of Magnum. Pursuant to the agreement, the long stop date to complete this transaction shall be within 3 months. Mr. Xiaodong Zhang, IMTE's CEO stated, "The technology healthcare market is a fast-growing market. The acquisition of Magnum will bring us technology and an entry into the post diagnostic medical and healthcare market. We look forward to completing the acquisition and incorporating Magnum IoMT (Internet of Medical Things) into our IoT business unit." Shares trade 7% higher during pre-market hours.

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Integrated Media Technology jumps 7% on acquisition of Internet of Medical Things company