Holdings Alliance Inc. (OTC:IHAI) Stock Gains 20% in a Week: But Why?

There were a number of companies that hit the newswires yesterday for a varied set of reasons, and one of those was Innovative Holdings Alliance Inc. (OTC:IHAI). The company announced that on December 5, 2023, it had inked a letter of intent of a non-binding nature with the Georgia corporation Premergy Inc.

As per the provisions of the agreement signed between the two companies, Innovative Holdings Alliance would pick up all the assets of Premergy, which would include its patents. In exchange, the company would provide shares of its common stock and also take up some of the liabilities of Premergy. It was further revealed that the company and Premergy were working on the finalization of the terms of the definitive acquisition agreement. Once the due diligence is completed by both companies, the acquisition is expected to be closed at some point by the end of 2023.

The President of Innovative Holdings Alliance, Chris Winter, spoke about the development as well. Winter stated that he was highly excited at the fact that the company had signed a letter of intent to acquire all the assets of Premergy. He went on to note that the patented technologies from the acquisition target were of the cutting-edge variant in the fields of electric vehicle battery control and management.

The Chief Executive Officer of Premergy, Richard Botts, also had positive things to say about the development. Botts stated that he was looking forward to working on developing Premergy’s innovative technology in collaboration with Innovative Holdings Alliance. The two companies could foster a complementary and symbiotic relationship so as to further develop the patent portfolio of Premergy. Botts went on to add that the transaction would provide Premergy with the option of developing solutions for a wide range of business sectors.