Shares of Tian Ruixiang Holdings Ltd (NASDAQ:TIRX) are soaring Wednesday after the company said Swiftstart will invest $80 million into it.
The stock is up more than 165% and trading around 85 cents, according to Benzinga data.
- Tian Ruixiang Holdings shares are climbing with conviction. Why is TIRX stock surging?
‘Strategic Investment’ of $80 Million
Tian Ruixiang and Swiftstart signed a memorandum of understanding detailing the strategic investment. Swiftstart will purchase shares of Tian Ruixiang at a proposed price of $1.50 per share, which is just under double what the stock is currently trading at.
The companies will collaborate on intelligent risk management systems, data asset operations and international business expansion. Tian Ruixiang’s management said the framework will allow the company to explore potential mergers and acquisitions as well.
The news comes after Tian Ruixiang received a delisting notification from NASDAQ regarding minimum bid price deficiency.
TIRX Stock Soars On Investment News
TIRX Price Action: Tian shares jumped 152.65% to $0.80 at the time of publication on Wednesday. They hit a high of $0.98 and a low of $0.58 so far. 275.8 million shares have traded hands, but even with today’s surge, the stock is still 92.3% below its 52-week high.
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