Borqs Technologies, Inc. (BRQS) stock announced a supplementary agreement with the Huzhou South Taihu New Development Commission today on June 7, 2021, after which the BRQS stock price saw a push of 3.28% to reach 1.00 a share at the time of this writing. BRQS stock was green in the previous trading session and went up by 5.92% at closing. Let’s check out more about BRQS stock.
Supplement Agreement
According to the supplement agreement with the Huzhou South Taihu New Development Commission, 240 Chinese acres which is equivalent to 1.7 million sq. ft land use rights have been granted to Borqs Technologies in order to build 5G, Industrial Park. The new 5G park will be mainly intended for research and development in 5G mobile technologies and incubation activities and manufacturing of IoT products. The hosting facilities for visitors would be included in this park. By the end of June 2021, the first phase of assembly facilities is expected to be operational.
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It was previously disclosed in December 2020 that both Borqs and Huzhou authorities are working together intending to develop the latest mobile technologies as well as IoT products. The land-use rights have been granted at lower allowable pricing and BRQS stock is free to administer all the activities related to this land.
Completion of $23 Million Private Placement
On May 7, 2021, BRQS stock did announce the completion of a $23 million private placement. Firstly, the BRQS stock sold $7.7 million convertible notes to institutional and individual investors in February and April. Same investors bought convertible notes of worth $15.3 million in May 2021. The annual interest rate is 8% and notes are valid for two years. Furthermore, the BRQS stock also issued 11,695,906 and 2,521,008 five-year warrants for an exercise price of $2.222 per share and $1.540 per share, respectively.
About Borqs Technologies, Inc
Borqs Technologies, Inc is one of the leading companies based in Beijing, China that mainly provides IoT software products and services around the globe. BRQS is acting as the lead and now an emerging IoT service provider around the globe. The stock has a market cap of 92.95 million and a 4,082,896 average trading volume.
Wrap Up:
Investors are responding to the news of 1.7 million sq. ft land use rights given to the Borqs technologies by Huzhou. After going through the tough phase of COVID-19, the BRQS business is now recovering at a fast pace by engaging with new customers. In a nutshell, this penny stock can be a good bet for investors in the long run.
