Drone Guarder Inc. (OTCMKTS:DRNG) is up 70% in a week. Recently, electric vehicles and battery tech holding company Video River Networks (OTCMKTS:NIHK) announced signing a deal to acquired Drone Guarder.
Drone Guarder is a surveillance and security firm focus8ing on the commercialization of AI and drone enhanced turnkey home security systems internationally and locally.VideoRiver is planning to continue running DRNG as an independent company, with Adam Taylor remaining as CEOI and President while Frank Igwealor will be Co-CEO and Chairman.
As per the terms of the agreement, Video River will buy 5.5 million DRNH Special 2021 series A prefers stock for $20,000 payable in two tranches. The first 10% will be paid following a verbal agreement, with the other 90% expected after the execution of the transaction. Similarly, Video River will pay necessary fees to reinstate DRNG and make its OTC Market current. After it becomes Pink Current, Video River will offer working capital of around $20,000 to finalize and deliver its AI and drones products. Subject to transactions completion, DRNG is a stock to watch. On Monday, DRNG stock jumped 6.50% at $0.0115 with more than 573.34 million shares, compared to its average volume of 153.68 million shares. The stock had moved within a range of $0.0091 – 0.0129 after opening the trade at $0.0103.