Cloud Nine Web3 Technologies Inc. just announced that it has signed and closed an asset purchase agreement dated March 15, 2021 to acquire certain intellectual property (IP) assets related to a development stage VPN platform. This news sent shares of Victory Square Technologies Inc. (CSE:VST) soaring as the company will be receiving $6 Million worth of Cloud Nine stock.
Victory Square is an accelerator with more than 20 portfolio companies focused on emerging technologies such as Blockchain, Machine Learning, Artificial Intelligence, and VR/AR. Its operating segment includes investments, immersive services, software development and technology.
Traders were bullish on the news as shares hit a session high of $0.87/share (+11.53%) following the announcement. This move is a strong continuation of the uptrend this stock has been riding all year, even though it experienced quite a significant pull back from its February high of $1.0001/share.