Artificial Intelligence Technology (AITX) stock is in Robotics Assistance Devices business surged over 93% yesterday and over 1800% in a month. AITX Shares had an avg weekly volume of 342 million and traded around 836.29 million yesterday alone.
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Key Developments Behind this Moment:
In most recent news, AITX announced that the primary dealer of AITX’s wholly owned subsidiary Robotic Assistance Devices (RAD) had received a highly anticipated order for a 5-unit RAD solution. A Fortune 500 end-user client with over 10 distribution centers and over 7,500 retail outlets in the U.S. and Puerto Rico will be equipped with this integrated autonomous remote security and access solution. The agreement’s details were not disclosed, but the company confirmed that it had been told that the contracts would be received by the end of this year. AITX stock saw a jump of over 429% in the last one week after the news until previous closing at the price of $0.0249.
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A little back on Dec 17,RAD also entered into another agreement with Civitas PSG, one of Romania’s largest security companies. Through this agreement, Civitas is expanding its offering to include autonomous remote security solutions for RAD. Again specifics of the agreement have not been disclosed, but the company has confirmed that the agreement covers all mobile and stationary RAD security devices, including the recently announced ROAMEO mobile robot and Wally HSO, which are actively deployed for health screening health monitoring and face detection operations.
But….
The real momentum for the company was started about the news that Artificial Intelligence Technology Solutions, Inc. (OTC:AITX) reported that a large number of its debt had been restructured, which has saved the company a significant amount of dilution. Specifically, over 85% of its convertible debentures have been restructured by AITX into non-convertible notes and warrants. The remaining noteholders have made no conversions in the last two years period, and the company does not expect any further modifications until restructuring the remaining balance.
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Disclaimer: Writer of this article don’t own any shares of AITX when writing this article.