Taoping Inc. [NASDAQ: TAOP] disclosed on Wednesday that it has inked a Letter of Intent (LOI) with Zhenjiang Taoping IoT Technology Limited. The firm has decided to buy the 521% stake in Zhenjiang Taoping. Since its inception in June 2018, the firm has gained a reputation become a prominent and powerful new media platform in Zhenjiang after more than three years of swift development.
The firm has inked an investment agreement with Zhenjiang Economic and Technological Development Zone (ZETDZ) for TAOP’s East China expansion project. It has been disclosed that after the execution of the purchase agreement, Zhenjiang Taoping is anticipated to become an integral part of Taoping Digital Culture East China Operation Center to increase digital businesses in cloud application services and new media in East China.
Shares of Taoping Inc. [NASDAQ: TAOP] soared 7.77% as the firm has gained +0.24 at the time of writing on Wednesday. The firm has recorded a trading volume of 598.52K as compared to the average volume of 318.97K at the time of writing on Wednesday. In the past 52-weeks of the trading session, the share of the firm oscillated between the 52-week low and high range $1.93 and $16.86, respectively. Taoping has a total market capitalization of $47.37 at the time of writing.
The firm has disclosed that in accordance with the LOI, the buying price, to be decided by the parties after the execution of due diligence, will be reimbursed in the form of ordinary shares of TAOP. The LOI will be concluded if no conclusive accords are inked into among the parties before December 31, 2021.