American Virtual Cloud Technologies Inc. (NASDAQ: AVCT) stock gained by 0.59% at last close while the VACT stock price rises by 1.46% in the after-hours trading session. American Virtual Cloud Technologies is a leading global IT solutions supplier, specializing in unified cloud communications, professional services, cybersecurity, and increased connectivity.
AVCT stock’ Current Update
As an outcome of the Company’s Board of Directors’ decision to discover alternative strategies announced on April 7, 2021, the Board has authorised the Company to concentrate its plan on purchases and organic growth in its cloud technologies business, as well as to discover strategic advantages for its IT solutions business, along with the planned divestiture of Computex Technology Group (Computex). Following receipt of the previously disclosed non-binding proposal, the procedure established did not result in the filing of a firm offer.
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Kandy, a cloud-based, real-time communications platform with patented UCaaS, CPaaS, and CCaaS capabilities, was bought by AVCtechnologies in December 2020. The acquisition was prompted by a growing demand from enterprises to move their activities to cloud-based technology, security, and communications, a trend amplified by the COVID-19 pandemic.
Darrell J. Mays, AVCtechnologies CEO, said that they are eager to explore this next step in their overall strategy for acquisitive and organic expansion, as well as increase the focus of the Kandy business to fulfil the needs of its customers.
AVCtechnologies is also delighted to confirm that it has finalized the conversion of $133.9 million in outstanding debentures into 38.8 million registered for resale common shares, greatly boosting its equity float. On July 22, 2021, the scheduled debenture conversion was disclosed.
Larry Mock, Chairman of the Board at AVCtechnologies stated that,
The Board’s decision to actively pursue strategic partnerships to complement Kandy’s cloud platform, as well as the completed debentures conversion, demonstrate their effort to ensure that their aims are consistent with the best interests of the shareholders as they work to grow the business.