Logiq Inc (OTCMKTS:LGIQ) Intends To Make Acquisition: Stock To Watch
Shares of Aura Systems (OTCMKTS:AUSI) have been trading within a narrow range after the recent fall. The stock is down 22% in the past week.
Market Stats
On Thursday, LGIQ stock moved down 1.39% to $1.42 with more than 31.81K shares, compared to its average volume of 65.5k shares. The stock moved within a range of $1.4200 – 1.4900 after opening trading at $1.49.
Logiq Signs Binding LOI to Acquire Digital Marketing Agency Battle Bridge
Global provider of award-winning consumer acquisition solutions, Logiq Inc (OTCMKTS:LGIQ) on February 17, 2022 announced signing a binding Letter of Intent for acquiring assets of Battle Bridge Labs LLC, an Oklahoma-based digital brand marketing agency.A rapidly growing, boutique provider of digital marketing services, Battle Bridge offers social media marketing, pay-per-click management, optimisation, SEO, web design, conversion optimization amongst others.
The company is hoping at bookings of $3.8 million in the current year with revenues of $1.4 million in positive cash flow. A certified partner of Google, bing ads, Shopify, ima, Logiq has been featured in Forbes, HuffPo amongst other leading publications.
The two firms have been working jointly on projects in recent times and Logiq management is impressed with Battle Bridge’s management, content quality as well as operational execution. The transaction will bring Logiq incremental revenue as well as earnings. Under the agreement, the parties are looking to finish a formal purchase agreement by end of the quarter. Logiq aims at purchasing some assets of Battle Bridge for about $3.25 million. This will consist of $250,000 of cash as well as issuance of $3 million in restricted shares.
Travis Phipps, Battle Bridge Founder and President said that Battle Bridge is eager on scaling talent, resources, experience as well as customer base. Phipps added that the company is looking forward on joining forces with Logiq.
Brent Suen, Logiq Chairman and CEO said that the firm has enjoyed the collaboration and appreciates Battle Bridge’s expertise and effectiveness.
Key Quote
Brent Suen, Logiq Chairman and CEO, said, “We’ve enjoyed collaborating with Battle Bridge in recent months, appreciate their expertise and effectiveness, and see this transaction as a win-win combination that accelerates growth and opportunity for both businesses.
Traders Corner
LGIQ stock is below the 20-Day and 50-Day Moving averages of $1.48 and $1.68 respectively. The stock is trading in the neutral zone with the RSI at 43.
