There were a number of companies which saw its stock take a dive on Monday and one of those was the Iqstel Inc (OTCMKTS:IQST) stock, which tanked by as much as 9% yesterday. While the stock fell, it ought to be noted that yesterday the company made an announcement with regards to the completion of its 51% acquisition in the company Whisl Telecom.
Trading Data
On Monday, IQST stock slumped 9.50% to $0.43 with 1.28 million shares, compared to its average volume of 804K shares. The stock moved within a range of $0.4000 – 0.4775 after opening trade at $0.4775.
iQSTEL acquires Whisl Telecom for $1.25M in cash and $0.55M in stock
Whisl is based out the United States and is involved in providing texting and voice services to corporate clients as well as operators in the country. The acquisition was completed by iQSTEL for a $1.25 million in cash and restricted shares in iQSTEL worth $550,000. It was the sixth acquisition completed by the company.
On the other hand, it is interesting to note that Whisl has projected that it is going to generate revenues to the tune of $5.6 million in the upcoming 12 months to go along with net income of $0.83 million. The acquisition is the latest addition to the formidable telecom portfolio that the company has been in the process of creating.
In April, the company had acquired Smartbiz and it was noted by the iQSTEL Chief Executive Officer Leandro Iglesias that the two companies are going to collectively add revenues of as much as $11.6 million.
Key Quote
“Whisl is iQSTEL’s sixth telecommunications acquisition,” said Leandro Iglesias, iQSTEL CEO. “Whisl and Smartbiz, the acquisition we announced in April, combined add $11.6 million in additional annual revenue and $1.34 million in annual net income. iQSTEL is well on its way to achieving its $90 million revenue and reaching positive net income in FY-2022 and building a foundation for ongoing growth in 2023.”
Technical Data
IQST stock is trading below the 20-Day and 50-Day Moving averages of $0.52 and $0.55 respectively. Moreover, the stock is trading below 200-Day moving average of $0.54.
