Wang & Lee Group (WLGS) said Wednesday it signed a deal to buy SolarHK for 15 million Hong Kong dollars ($1.9 million), through the issuance of a convertible note.
The company said the deal is intended to support upcoming clean energy initiatives, including a $100 million solar and battery-powered crypto mining site in Hong Kong's New Territories.
Wang & Lee also said it will leverage SolarHK's expertise for a $71 million solar crypto mining project in Queensland, Australia that is being developed together with NQ Marble.
WLGS shares were up more than 15% in recent premarket activity.
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