The CarSmartt Inc (OTCMKTS:CRSM) stock did not have a particularly good time this past week as it suffered from a pretty strong selloff and tanked by as much as 40% as a consequence.
Despite that, it should be noted that on Friday the company made a major announcement that could have an effect on the future trajectory of the stock. Smartt announced yesterday that it completed the acquisition of the real estate firm Immobilfin S.P.A. It is a significant acquisition for Smartt considering the fact that Immobilfin commands an asset value of as much as $47.6 million and on top of that it generates around $1.5 million in the form of revenues every year.
The Chief Executive Officer of Smartt, Roy Capasso spoke about the acquisition as well. He stated that Smartt signed an agreement with Immobilfin with regards to the acquisition of the entirety of the shares in the latter. He went on to note that Immobilfin is the owner of a commercial building in Naples, Italiy which has been rented out to the government of Italy and brings in around $1.5 million a year. Despite the decline in the stock price, it could still be a good idea to track the Smartt stock.