Taoping (NASDAQ:TAOP) stock is on the rise Friday after announcing a deal with Great Bay Capital Investment Limited.
A news release reveals that Taopin has entered into a two-year agreement that has Great Bay Capital serving as a consultant. This will have it offering business development services to the company with a focus on blockchain technology.
That agreement will aid Taoping in its efforts to invest in cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH). It also gives the company the benefit of exposure to possible future investors in its business.
Another benefit for Taopin from the deal is the possible introduction to blockchain merger and acquisition targets. Great Bay Captial will also work alongside the company and help it with any M&A plans.
The deal between the two companies also includes a warrant for Great Bay Capital. This is being given within seven days after the start of the consulting agreement. It allows Great Bay Capital to purchase 1,000,000 shares of TAOP stock at a price of $3.50 per share.
Jianghuai Lin, chairman and CEO of Taoping, said this about the news boosting TAOP stock up today.
“It’s time for TAOP to embrace the opportunities in blockchain industry and digital assets, especially Bitcoin. We believe Great Bay can help us achieve this goal.”
News of the deal today has shares of TAOP stock experiencing heavy trading. As of this writing, more than 13 million shares have traded. For comparison, the daily average trading volume for the stock is closer to 403,000 shares.
TAOP stock was up 16.5% as of Friday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.