Orangekloud to Acquire VeVe Operator Orbis Technology in Definitive Deal
ORKT sits 62% above its 52-week low of $0.617.
Summary
Orangekloud Technology has entered into a definitive agreement to acquire Orbis Technology Limited, the operator of VeVe, a digital collectibles platform. The deal expands Orangekloud's footprint into the NFT and digital asset space, a strategic move given the company's small market cap. No financial terms were disclosed in the headline, but the acquisition is likely material relative to Orangekloud's size. The transaction is subject to customary closing conditions and regulatory approvals. This follows a quiet period for the company, with only routine SEC filings in recent months.
At the time of this announcement, ORKT was trading at $1.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $5.8M. The 52-week trading range was $0.62 to $3.00. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.