Newater Technology (NASDAQ:NEWA) Stock Turns Volatile: What to do Now?
Service provider and manufacturer of membrane filtration products used in treating and recycling wastewater, Newater Technology (NASDAQ:NEWA) has made a number of announcements at its extraordinary Annual General Meeting on 13th July.
The firm authorised and approved merger agreement dated September 29, 2020 by and among Crouching Tiger Holding Limited, a company under laws ofCayman Islands, Green Forest Holding Limited, a company under laws of British Virgin Islands, will be a part of the parent firm. Furthermore, it announced merger plan will be required to be done with Registrar of Corporate Affairs of the British Virgin Islands.
It is estimated that almost 80.73% of the firm’s total ordinary shares outstanding were voted by proxy at the extraordinary general meeting. Each shareholder has a single vote on every ordinary share. From the voting at the meeting, almost 63.84% voted in favor of the Merger Agreement.
The firm will closely with other parties on Agreement for satisfying the closing conditions and ensure Merger in a timely manner and its shares will not be listed or traded on the stock exchange post completion.
Established in Yantai, China, the Newater Technology was founded in 2012 and specialised indevelopment, manufacture and sale of DTRO (Disk Tube Reverse Osmosis) and DTNF (Disk Tube Nano-Filtration) membranes.
Market Reaction:
On Monday, NEWA stock rose 11.50% at $4.17 with more than 14.47 million shares, compared to its average volume of 86k shares. The stock had moved within a range of $3.7014 – 5.3900 after opening the trade at $4.24. Over the past 52-week, the stock has been trading within a range of $3.0000 – 5.5300.