FDC Tech Inc (OTCMKTS:FDCT) Stock Makes a Big Move After Completing Pivotal Acquisition
FDC Tech Inc (OTCMKTS:FDCT) stock popped by more than 50% last week, recouping some of the losses accrued for the better part of the year. Nonetheless, the stock remains subdued near all-time lows after shedding more than 80% in market value year to date.
Market Stats
On Thursday, FDCT stock soared 52.44% to $0.0500 with more than 622k shares, compared to its average volume of 138K shares. The stock has moved within a range of $0.0300 – 0.0881 after opening trading at $0.0300.
Completes Pivotal Acquisition of AD Advisory Services Pty Ltd.
The FinTech Company offers a full suite of digital financial service solutions. It operates a multi-asset trading platform and a commercial platform targeting day traders and retail investors.
The increased market activity that saw the stock spike by more than 50% came following the announcement that FDCTech has entered into an agreement to acquire a 51% stake in AD Advisory Services Pty Ltd.
Under the terms of the agreement, ADS is to receive 45 million of FDCTech shares representing an equity value of $3.15 million based on a share price of $0.07. With the acquisition, the company gains access to a company with a revenue run rate of over $5.91 million from the wealth management business.
The acquisition should also result in cutting-edge digital financial tools that FDCTech will be able to deploy to enhance service delivery.
Key Quote
“We have built our business around our clients by transforming their financial well-being through our highly educated and compliant focused financial advisors. As we merge with FDCTech, we will forge a digital wealth management company to reduce the cost to serve clients while providing comprehensive financial planning advice,” Jonathan Thomas, CEO, AD Advisory Services Pty Ltd.
Traders Corner
FDCT stock is below the 200-Day and 50-Day Moving averages of $0.1602 and $0.0600 respectively. The stock is trading in the neutral zone with the RSI at 53.
