AGBA Group (NASDAQ:AGBA) stock is climbing higher on Friday after the wealth management and healthcare institution services company announced an equity purchase agreement.
According to a press release from the company, it has signed a standby equity purchase agreement with Williamsburg Venture Holdings, LLC. This allows the company to acquire up to $50 million of AGBA stock over the next 36 months.
AGBA Group says that this equity purchase agreement will benefit it and should be good news for investors. With the additional funds available from the stock sales, the company will build on its growth strategies.
Wing-Fai Ng, Group President of AGBA Group, said the following about the equity purchase agreement:
“As a company with a sharp focus on creating shareholder value, we at AGBA will only raise capital to accelerate our growth, profitability, and competitive advantages. AGBA Group remain dedicated to delivering exceptional results and maximizing returns for our valued shareholders.”
How This Affects AGBA Stock Today
Investors in ABGA stock are celebrating the equity purchase agreement with Williamsburg Venture. As such, the Hong Kong-based company’s shares are seeing heavy trading momentum on Friday. That has more than 7 million shares changing hands as of this writing. For the record, the company’s daily average trading volume is closer to 403,000 shares.
ABGA stock is up 31.9% as of Friday morning but down 53.7% year-to-date (YTD) when markets closed on Thursday.
There’s even more stock market news that traders will want to know about down below!
We’ve got all of the latest stock market news that traders need to know about on Friday! Among that is why shares of Impel Pharmaceuticals (NASDAQ:IMPL) stock are up today, the biggest pre-market stock movers this morning and more. All of that news is ready to go at the following links!
More Stock Market News for Friday
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
