Addentax Group Acquires 41.67% of Riches Family Office for $144K in Shares to COO
ATXG sits 29% above its 52-week low of $3.323 on light trading volume (0.1× avg).
Summary
Addentax Group is acquiring a 41.67% stake in Riches Family Office for 33,500 common shares, valued at approximately $144,050. The shares are being issued to COO Wu Rui, who is also the owner of the selling shareholder. This acquisition, while modest in size, continues Addentax's recent pattern of growth through M&A and diversification into family office and technology services. It also marks another instance of share issuance to an insider, following a significant grant to the COO on April 30. Closing is subject to Nasdaq notification.
At the time of this announcement, ATXG was trading at $4.30 on NASDAQ in the Finance sector, with a market capitalization of approximately $3.4M. The 52-week trading range was $3.32 to $19.50. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.