According to a press release, a majority of shareholders of World Health Energy (OTCMKTS:WHEN) have signed a binding letter of intent with Cuentas. This would see World Health Energy become a majority-owned subsidiary of Cuentas.
The deal has UCG, Inc., a 75% shareholder in World Health Energy, agreeing to trade its shares to Cuentas. It would do so for a number of shares of CUEN stock equal to a 50% stake in the company. Cuentas intends to fold World Health Energy into its Mobile Platform after the deal closes.
Giora Rosensweig, CEO of World Health Energy, said the following about the deal:
“This transaction will help solidify our foundation and advance our position as a major player in the new age of cybersecurity and AI, enabling us to address the previously unsolvable security problems in fintech. Together with Cuentas, we see the opportunity to expand more rapidly across multiple markets and industries as we bring our innovative solutions to major customers in the US and around the world.”
CUEN Stock Movement on Friday
CUEN stock was initially down in early morning trading following the announcement of its deal with World Health Energy. However, the stock has recovered from that fall and is currently up slightly compared to yesterday’s close. WHEN stock is up 200% as of Friday morning.
Investors who are on the lookout for even more of the most recent stock market news on Friday will want to keep reading!
We’re offering up insight into all of the latest stock market news traders need to know about today. A few examples include what’s happening with shares of Xortx Therapeutics (NASDAQ:XRTX) and FaZe (NASDAQ:FAZE) stock, as well as the biggest pre-market stock movers this morning. All of that news is ready to go down below!
More Friday Stock Market News
- Why Is Xortx Therapeutics (XRTX) Stock Up 110% Today?
- Why Is FaZe (FAZE) Stock Up 40% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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On the date of publication, William White did not have (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.