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Why Are Jiuzi Holdings Shares Surging Today

Published 26/04/2022, 19:29
© Reuters.  Why Are Jiuzi Holdings Shares Surging Today

  • Jiuzi Holdings Inc (NASDAQ: JZXN) subsidiary Hangzhou Jiuyao entered into an equity acquisition agreement to acquire 72.05% equity interest in an automobile sales service shop operator, Huizhou Jiwo Automobile sales service Co Ltd. The financial terms were not disclosed.
  • The equity is acquired from Guangdong Huarui, a subsidiary of China automaker Geely Automobile Holdings Ltd (OTC: GELYY)
  • Under the agreement, Hangzhou Jiuyao will acquire 72.05% equity interest in Huizhou Jiwo Automobile and will make an investment in the registered capital upon completion of the deal.
  • Huizhou Jiwo Automobile is the sole authorized dealer for Geometry EVs in Huizhou city, Guangdong province.
  • Jiuzi held $7.37 million in cash and equivalents as of October 31, 2021.
  • Price Action: JZXN shares are trading higher by 25.9% at $1.66 on the last check Tuesday.

Read at Benzinga

Read the original article on Benzinga

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