CarSmartt Inc. (OTCMKTS:CRSM) fell 33% after announcing Costrade S.P.A.’s acquisition. Costrade, previously known as Visconti S.P.A., is a construction firm established in 1951 and has a track record of around $1 billion in completed projects over the years. The company has been working on public projects for the Italian government.
It is currently involved in the Linea TranviariaRapida (LTR) project, an “Underground Fast Train” project in Campania, Italy. The first deposit for the transaction will be 50 million restricted shares at two years, which will be equivalent to around $1.1 million, and the rest will depend on share price performance for the next two years. Smartt has the option of paying cash before the maturity of the two-year restriction.
Diego Visconti, Smartt Director, stated that they had entered an agreement to acquire 100% interest in Costrade S.P.A. Inc. He added that the company’s acquisition is a massive achievement for Smartt’s construction division. The company anticipates closing the transaction on August 22, 2021. So in the coming weeks, CRSM is worth watching. Market Reaction:
On Monday, CRSM stock slumped 33.50% at $0.0153 with more than 37.86 million shares, compared to its average volume of 7.81 million shares. The stock has moved within a range of $0.0140 – 0.0290 after opening the trade at $0.0235.
Market Reaction:
On Monday, CRSM stock slumped 33.50% at $0.0153 with more than 37.86 million shares, compared to its average volume of 7.81 million shares. The stock has moved within a range of $0.0140 – 0.0290 after opening the trade at $0.0235.
