Shares of the cloud-based platform and IT solutions provider Taoping Inc. (TAOP) rose 22.22% on Friday bringing the stock price $1.28 higher to $7.04 at the close of the weekend session.
The rally followed an announcement by the company of signing a consulting deal with Great Bay Capital Investment Limited.
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What does the company do?
TAOP provides internet-connected smart display panels, a digital media ecosystem, and targeted advertising for online retailers and advertisers. The Company delivers optimized end-to-end digital advertising platforms to deliver and monitor advertisements on cloud-based ad display screens for consumers. It creates a resource-sharing Smart IoT Screen Network- Taoping App- Taoping Go (e-Store) media ecosystem to eventually accomplish the goal of its technologies to make ads and branding accessible and efficient for all by linking owners of Taoping screens, marketers, and customers.
Great Bay was engaged as a consultant by TAOP under the Consulting Agreement, which will run for two years and the date of commencement was February 19, 2021. Consulting services provided by Great Bay include the following:
- Provide business development services to the Company related to blockchain and digital asset investing opportunities (such as Bitcoin, Ethereum, etc.).
- Will facilitate TAOP to communicate with potential strategic investors.
- Provide TAOP with relevant due-diligence work and M&A proposals regarding potential blockchain targets.
Mr. Jianghuai Lin, Chairman, and CEO of TAOP said that it is time for TAOP to accept the possibilities in the blockchain field and digital assets, especially Bitcoin.
TAOP agreed to grant a warrant to Great Bay within 7 days of the execution of the Consulting Arrangement for the purchase of 1,000,000 ordinary shares of the Company, exercisable at $3.50 per share, subject to change, at any time prior to the 181st calendar day following the date of issue, in view of the services to be rendered by Great Bay. The Warrant may be exercised for cash only.