Ming Shing Group Closes PMA Nano Carbon Tech Acquisition, Issues Convertible Notes
MSW has more than doubled off its 52-week low of $0.6 on light trading volume (0.2× avg).
Summary
Ming Shing Group Holdings has completed its acquisition of PMA Nano Carbon Tech Limited, a graphene technology company. This follows the May 26th announcement of the agreement to acquire the company for $110 million. The acquisition was financed through the issuance of unsecured convertible promissory notes, which for a company of MSW's size implies significant potential dilution for existing shareholders. This closing marks a major step in the previously announced transformational deal, but the financing method introduces substantial risk.
At the time of this announcement, MSW was trading at $1.32 on NASDAQ in the Technology sector, with a market capitalization of approximately $17.1M. The 52-week trading range was $0.60 to $6.52. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.