Tech Shares Up Big On Acquisition Announcement

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.