Highway Holdings Inks Binding JV Deal for Energy Storage, Committing $3.5M
HIHO sits 72% above its 52-week low of $0.6 on light trading volume (0.1× avg).
Summary
Highway Holdings signed a binding master agreement to form a 57%-owned energy storage joint venture with Huahu, owner of the Wowtiger brand. The JV will receive initial contributions valued at $3.50 million and be jointly managed. This follows a non-binding LOI announced in July and comes as the company works to recover from a $1.5M net loss and Nasdaq delisting notice. The binding commitment and specific contribution amount signal tangible progress in diversifying into energy storage, a potential turnaround catalyst for the micro-cap manufacturer.
At the time of this announcement, HIHO was trading at $1.03 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $4.9M. The 52-week trading range was $0.60 to $2.21. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.