By Chris Wack
BGM Group shares were up 14%, to $11.70, after the company said it was buying YX Managaement, a smart mobility technology company, in a deal valuing YX at $95 million.
The technology company said it has signed a definitive agreement with the existing shareholders of YX Management in which it will buy 100% of the equity interests of YX by issuing 47.5 million shares to its existing shareholders.
BGM said the YX acquisition will speed up the AI-driven strategic upgrade of its intelligent platform, DuXiaoBao.
The transaction is expected to be completed by June. YX's existing shareholders will collectively hold about 32.8% of BGM's total outstanding and issued ordinary shares and 2.2% of its voting power.
BGM shares hit their 52-week high of $14.78 on Jan. 8, and are up 295% in the past 12 months.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
March 19, 2025 10:31 ET (14:31 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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