On Wednesday, the mergers and acquisitions company ILUS International Inc (OTCMKTS:ILUS) was in prime focus among investors and its stock had ended up with gains of as much as 20% amidst heavy interest.
Trading Data
On Wednesday, ILUS stock gained 20% to $0.1160 with 32.32 million shares, compared to its average volume of 7.21 million shares. The stock moved within a range of $0.0967 – 0.1269 after opening trade at $0.0970.
Ilustrato Pictures International Inc Agrees Terms With an Acquisition Delivering Upwards of $100 Million in Annual Revenue
Yesterday, the stock surged after ILUS announced that it had agreed on terms in principle to complete the acquisition of the first company in its portfolio that generates $100 million in revenues. It ought to be noted that the acquisition target had managed to bring revenues in excess of $100 million in 2021 and is currently on course to cross $200 million in revenues in 2022.
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The company announced yesterday that the deal has been in the world for months and during that period, it had been involved in talks and in completing due diligence. The acquisition target is a process equipment manufacturing firm that is mainly involved in the utility, oil, and gas industries. In addition to that, the company is involved in the manufacturing of freighting equipment.
It goes without saying that the acquisition is expected to be a significant one and market participants recognized the significance of the potential acquisition as well. It may be a good time to start tracking the stock.
Key Quote
“This agreed acquisition would allow us to scale up our production of larger vehicles as well as our fixed and portable firefighting systems, specifically for the Oil and Gas sector where we will have an existing customer base. The addition of such enormous manufacturing capability and revenue will be an incredible development for ILUS, with more exciting developments nearing completion in the pipeline,” said ILUS Managing Director, John-Paul Backwell.
Technical Data
ILUS stock is trading below the 50-Day and 200-Day Moving averages of $0.13 and $0.24 respectively. However, the stock is trading above the 20-Day moving average of $0.11.
