Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT) shares are trending on Tuesday.
CTNT surged 71.04% to $3.11 in the after-hours session on Monday after the company disclosed the completion of an acquisition of Super International Trading Limited, a Hong Kong-based firm specializing in large-scale industrial equipment trading.
$4.98 Million Cash Deal
According to a Securities and Exchange Commission filing, CTNT finalized its purchase of Super International on May 27. Super is now a wholly owned subsidiary following the close of a share transfer agreement signed Apr. 16 with seller Leyan Yang, a non-U.S. individual.
Cheetah Net agreed to pay approximately $4.98 million in cash for the acquisition.
In May, Cheetah Net reported first-quarter results, posting a loss of $4.53 per share, beating the estimated loss of $10 per share by 54.70%, though revenue of $92,700 fell short of the $200,000 estimate by 53.65%.
Trading Metrics, Technical Analysis
The California-based logistics and supply chain company has a market capitalization of $5.39 million, a 52-week high of $462 and a 52-week low of $1.51.
CTNT’s Relative Strength Index (RSI) is 21.12.
Over the past 12 months, the stock has dropped 99.31%.
Currently, CTNT is positioned close to its annual low.
Price Action: According to Benzinga Pro data, the stock closed the regular session at $1.82, up 9.64%.
Benzinga’s Edge Stock Rankings indicate that CTNT has a negative price trend across all time frames.
Photo Courtesy: Wahyu Aditya147 on Shutterstock.com
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