TD Holdings (GLG) stock was quite bad at rising in the market. From July 9 till July 12 the stock has surged by 9.7%. But just that day on July 12 the stock has plummeted to the price of $0.815 by July 13. As of the last trading session the stock was trading at $0.811. The Pre-Market shows a 21% increase. Let’s reveal the reason behind such a rise.
TDH, through its wholly-owned subsidiary, China YC Group, a commodities trading firm in China, has entered into a letter of intent with two big Chinese companies to acquire their assets and work in the new energy vehicle market. The Company agreed to acquire 100% equity interests in Jinbochuang and Jinmike in exchange for certain stock of the Company’s common shares. The acquisition is expected to close within 180 days after the signing of the LOI.
The proposed transaction is subject to due diligence investigations and negotiations. The completion of the transaction is also subject to various conditions, including the approval of the Board of Directors of the Company and the satisfaction of the other closing conditions.
Finance and Entertainment Reporter
Richard is a bottle of wine – the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.