Xcelerate Inc (OTCMKTS:XCRT) Stock In Focus After Acquisition News
The announcement from Xcelerate Inc (OTCMKTS:XCRT) on Wednesday may well prove to be something that would bring the stock on to the radars of investors this morning. The company announced yesterday that it had concluded the necessary due diligence and then gone into a binding agreement with regards to the acquisition of a controlling stake in the company ESN Group Inc and its associated portfolio of skin care and healthcare products.
Trading Data
On Wednesday, XCRT stock ended flat at $0.0400 with more than 315.69K shares, compared to volume of 115.84K shares. The stock moved within a range of $0.0380 – 0.0410 after opening trade at $0.0380.
Xcelerate, Inc. Announces Agreement to Acquire a Controlling Interest in ESN, Inc.
As per the terms of the agreement between the two parties, the transaction would include the payment of cash to the tune of $350,000, assumption of debt, issuance of restricted Xcelerate stock and also the employment agreements with some of the more important members of the staff.
It was also announced that it is expected that the acquisition would be closed by June 30, 2023 at the latest. Mike O’Shea, who is the Chief Executive Officer of the company, spoke about the development as well.
He noted that it market yet another milestone in the company’s quest to create value. Once the transaction is eventually closed, Xcelerate would be able to get an instant source of revenue and also add seasoned professionals from ESN Group on to its management team.
