MICT Stock Up +130% After Signing Definitive Acquisition Agreement

MICT stock

The MICT stock is sailing on Friday, December 21st, currently up nearly 140%—and for good reasons too. 

MICT Stock: What Caused the Jump?

On December 20th, MICT Inc (NASDAQ:MICT), ParagonEx Ltd., and Brookfield Interactive (Hong Kong) Ltd. announced the signing of a definitive acquisition agreement. With the acquisitions, a new company will form, called Global Fintech Holdings. This new company will become the parent of all three businesses. 

Many believe that Global Fintech Holdings will be a company that has a reliable business-to-business technology platform. Combining the business models of MICT, ParagonEx, and Brookfield will also allow the new company to have a leading global, multifaceted platform used for trading in virtual assets. The company will also have access to the Chinese market.

Utilizing the experience of ParagonEx and Brookfield, Global Fintech Holdings is forecasted to become a leading technology provider for sports content and the lottery. With a promise such as this, it’s understandable why MICT stock is soaring today. 

Actual Figures 

According to Yahoo Finance, as of 1:52 PM, MICT stock is trading at $0.714, which puts the stock up 135.64%. Well into the green zone, MICT Inc is a Yahoo Finance trending ticker of the day.

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The Companies 

For those who don’t know, MICT is a Nasdaq-listed company, known for developing and manufacturing mobile computing platforms. It focuses on the United States, Israel, and Europe. Brookfield Interactive (Hong Kong) is a technology, content, and services company, while ParagonEx is a developer and provider of software solutions for online trading.

All three companies will be bringing certain aspects to the table when developing the new company. 

The Takeaway

Moving into the new year, Global Fintech Holdings will be worth keeping an eye on. The company could either do well or poorly. If it does well, perhaps MICT stock will continue to have trading days like it is today. 

Featured Image: Depositphotos/SergeyP

About the author: Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is now finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.