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.
>> 7 Top Picks for the Post-Pandemic Economy <<
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.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
Read More
- 3 Best Gene Therapy Stocks for long-term Investment
- Two of the Best Pharmaceutical Stocks to Watch for in 2021
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.
Furthermore,
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.
>> 7 Top Picks for the Post-Pandemic Economy <<
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.