Zoom Technologies (ZOOM), which deals in electronic communications, saw its stock soar on news that the company plans to merge with Tinho Union Holding Group.
Zoom entered into a letter of intent with Tinho on Monday. The company is planning to acquire all of Tinho’s renaming shares with 9.4 million of its own stock at a value of $8.6505 a share.
The deal will give Tinho 75% ownership interest in the company. The shares promised to Tinho will be given to the company after it has achieved certain requirements in the letter of interest.
Tinho is a company that offers travel services in China. Its services include flights, hotel, car rental and vacation packages.
Zoom stock was up 24% as of Thursday morning.