Actelis Networks, Inc. (NASDAQ: ASNS) is a market leader in cyber-hardened, rapid-deployment networking solutions for IoT applications. In a press release today, the company announced the signing of a binding term sheet to acquire between 61% to 75% of the issued and outstanding shares of Nevada corporation, Quality Industrial Corporation, (OTC: QIND), subject to customary terms for closing.
QIND operates out of Dubai, United Arab Emirates, designing, manufacturing and supplying solutions for the critical infrastructure industrial and energy sectors. Its operating business reported $11 million in revenue and $1.8 million in net income in 2023 and is projecting substantial growth in 2024. The company is expecting substantial growth in 2024 and currently services nearly 40,000 customers across the UAE with 7 operating facilities, a fleet of dozens of vehicles and approximately 100 employees.
Shares of Actelis were trading mid-day at $0.6295, up over 21 percent.
Copyright © 2024 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com’s content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
View the original article on AllPennyStocks.com
]]>