During the trading session on Monday, GreenBox POS (NASDAQ: GBOX) shares gained 17.55%, reaching a low of $16.36 and hitting a day high of $19.36. GreenBox stock was traded for a total of 2.61 million shares during the session, which represents an increase of 328.06% from the average session volume of 610.89K shares.
The GBOX stock closed its last trading session at $19.22. Although there has been no significant news to back up momentum in GBOX stock price, a recent acquisition is likely to be driving the price higher.
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GreenBox is a blockchain-powered financial technology company that builds customized payment solutions with proprietary blockchain technology. GBOX provides a complete solution set of turn-key financial products. The GBOX suite prevents fraud and optimizes the processing of high-volume payments for its clients.
GreenBox last week reached finalized the terms of the previously announced acquisition of ChargeSavvy LLC.
- ChargeSavvy is a financial technology company specializing in payment processing and point-of-sale systems that GBOX has acquired.
- GBOX renegotiated its previously announced all-stock transaction of $31.2 million to $12 million for the final price of the acquisition.
- ChargeSavvy will receive 1 million restricted shares of GBOX common stock.
- Based on an independent audit and internal due diligence, GBOX has negotiated terms reflecting an overall lower price.
How GBOX will go through it?
These terms allow GreenBox (GBOX) for the purchase to be profitable while limiting dilution from an increase in GBOX share price. It is expected that GBOX will celebrate the signing of the final contract with ChargeSavvy in the next few days.