CarSmartt Inc. (OTCMKTS:CRSM) fell 40% last week following Immobilfin S.P.A.’s acquisition. Immobilfin is a real estate company whose asset value is $47.6 million and generates revenue of around $1.5 million each year. Smartt CEO Roy Capasso stated that the company had entered an agreement to acquire a 100% stake in Immobilfin.
Capasso explained that the company owns commercial property in Naples, Italy, close to Naples’ Harbour. Most importantly, the property, which sits ion 100,000 sq. ft. with 95 parking places, is leased to the government, paying around $1.5 million each year. The company closed the transaction on August 6, 2021.
The company will make the first deposit to acquire 50 million restricted shares, equivalent to around $1.5 million for two years. The rest will depend on share price performance over the next two years from predicted growth. Notably, Smartt has the alternative of paying in cash ahead of the maturity of the two-year restriction. Therefore in the coming months, it is worth watching CRSM.
Market Reaction:
On Friday, CRSM stock fell 12% at $0.0260 with more than 83.04 million shares, compared to its average volume of 6.17 million shares. The stock has moved within a range of $0.0250 – 0.0543 after opening the trade at $0.0320.
