Shares of Allstar Health Brands Inc (OTCMKTS:ALST) are one of the biggest active stock gainers in Friday’s trading session as investors cheered the company’s latest announcement.
AllStar Signs LOI to Acquire 25% of Metaverse Technology Company Advent Galaxy Inc.
Emerging growth technology firm, AllStar Health Brands on March 17, 2022, announced signing a Letter of Intent with a division of TGI Solar Power, Advent Galaxy Inc, for purchasing 25% of all the issued and outstanding shares of Advent Galaxy.
Pete Wanner, CEO of AllStar Health Brands said that the company is excited about the opportunity for expanding into new technologies. This includes metaverse and virtual and augmented reality, which defines a new era in how people interact. Wanner added that Advent Galaxy has made vital strides in the arena and looks forward to partnering with the Advent team and helping build on the success.
The transaction will allow ALST to buy 25% of all common shares of ADVENT GALAXY. This will be done through the issuance of Preferred Series B shares of ALST priced @ $10.00 per share. The aggregate will be 1,500,000. ALST would be having two years options for the acquisition of two years options to buy an extra $25% in Advent Galaxy for $20MM or $75MM enterprise valuation.
Wanner added that the ADVENT MEGA MALL has the potential to be a central virtual hub, where people of all ages can meet and interact in new ways. He added that it would also foster fresh ways of doing business, including virtual co-working spaces.
As of 11:19 AM, ALST stock is trading up by a whopping 184% to $0.0185 on the hefty volume of 24.11 million shares, well above its average volume of 451K shares. Earlier this morning, the stock was up as much as 285%.
