Innovative Holdings Alliance Inc. (OTC:IHAI) Stock In Focus After Acquisition News
This morning, investors are quite likely to take a closer look into those companies that may have been in the news cycle on Wednesday. There were many companies in the news, and one of them was Innovative Holdings Alliance Inc. (OTC:IHAI). The company announced yesterday that, effective January 18, 2024, it had been successful in closing the acquisition of Premergy Inc. Premergy is a technology development company based out of the State of Georgia and involved with battery power management and optimization of energy.
As per the terms of the asset purchase agreement reached between the two companies on December 30, 2023, Innovative Holdings Alliance acquired 100% of the assets of Premergy. That also included its intellectual property, which consisted of as many as 20 patents related to battery recharging technology. The company completed the acquisition through the issuance of as many as 30,000,000 shares of its common stock to shareholders of Premergy. It also assumed some of Premergy’s debts. As per the terms of the agreement, the inventor and founder of Premergy, Richard Botts, was made the Chief Technology Officer.
The company had made the announcement about the signing of the non-binding agreement with regards to the acquisition of Premergy on December 11, 2023. At the time, it had been noted that, following the completion of the relevant due diligence actions, the transaction was supposed to take place by the end of 2023. The President of Innovative Holdings Alliance, Chris Winter, had spoken about the prospect of the acquisition at the time. He stated that the patented technology of Premergy was cutting-edge as far as the electric vehicle battery management and control industry was concerned. In light of the completion of the aforementioned acquisition, it could be a good move to keep an eye on the stock.
