Why Did DigiAsia Corporation’s (NASDAQ: FAAS) Stock Soar 48% On Tuesday?
It was a great day in the market for investors in DigiAsia Corporation (NASDAQ: FAAS), as the company’s stock experienced a strong rally and clocked gains of 48% for the day. In light of such a performance, it is likely that the stock is going to be in focus this morning.
PayMate Announces Intent to Acquire DigiAsia
The company is a leading B2B services and payments provider and is backed by entities like Lightbox and Visa, among others. Yesterday, the company announced that it had signed a binding term sheet with regards to the possible acquisition of the leading Indonesia-based FAAS (fintech as a service) company, DigiAsia Bios Pte Ltd. The acquisition target is also a wholly owned subsidiary unit of the NASDAQ-listed DigiAsia Corporation.
As per the provisions of the potential transaction, the enterprise value for DigiAsia’s business had been determined to be $400 million. Following the completion of the acquisition, PayMate India would aim to invest a maximum of $25 million into the business in cash.
The entirety of the financing structure and the associated terms would be determined through a mutual agreement between the parties involved. PayMate India and DigiAsia would continue to work on the due diligence process prior to further work on the acquisition.
Technicals
| +/- EMA(20) | 1.41 (+54.61%) |
| +/- SMA(50) | 1.66 (+31.33%) |
| +/- SMA(200) | 4.96 (-56.05%) |
| 5-Day Perf. | +98.18% |
| 1-Month Perf. | +118% |
| 3-Month Perf. | -72.61% |
| 6-Month Perf. | – |
| YTD Perf. | – |
| 1-Year Perf. | – |
| RSI(14) | 67.04 |
| ATR(14) | 0.32 |
| ADX(14) | 18.03 |
| Beta (5Y) | 1.34 |