On March 17, 2022, shares of American Virtual Technologies Inc. (AVCT) were up by 11.03% in the premarket, at the last check. This bullishness is a result of the company’s yesterday’s announcement. On March 16, the company announced the successful completion of the sale of its Computex business to Calian Group Ltd.
In the previous regular session on Wednesday, the stock remained bullish with a gain of 3.99%. The session witnessed a mere 19% of the average volume at 2.6 million shares against the usual 13.78 million. AVCT closed the session at a price of $0.7451 per share after reaching a high of $0.7801 during the session. Following the news, the stock was trading at a value of $0.8273 per share in the premarket today, at the time of writing.
The IT solutions provider, American Virtual Technologies Inc. has a market capitalization of $63.81 million. Currently, the company has 89.05 million outstanding shares in the market. Standing at a year-to-date loss of 69.34%, AVCT declined by 87.96% last year.
AVCT’s Latest News
As per yesterday’s announcement, the company has successfully closed the sale of its Computex Technology Group business. This sale has thus completed the company’s transition to a pure-play cloud communications and collaboration company. Now focused on its Kandy platform, the sale has rendered AVCT debt-free.
Previously, the company had entered into a definitive agreement for the sale of Computex business on January 27. For the transaction, Truist Securities Inc. was the company’s financial advisory and Greenberg Traurig LLP served as its legal counsel.
Company Updates
On March 01, the company’s Kandy Communications business unit announced the availability of IPTF Click-to-Connect to AT&T IP Toll-Free (IPTF) users. AT&T helps businesses transform customer experience together with Kandy.
On February 28, AVCT announced entering into a securities purchase agreement with an institutional investor. After the original issuer discount, the net proceeds from the securities purchase are $15 million. Subject to certain conditions, additional net proceeds of $5 million are also expected. The net proceeds from this agreement combined with the Computex sale resulted in the company’s zero debt.
On January 07, the company announced the appointment of Michael Tessler as the Chairman of its Board. Mr. Tessler has vast experience of over two decades in the growth and scaling of technology businesses worldwide. Moreover, he was the co-founder and former CEO of BroadSoft.
