This past Friday, Logiq Inc (OTCMKTS:LGIQ) came into considerable focus among investors after one of its fully owned subsidiary units made a major new announcement. Logiq ended up with gains of as much as 40% on Friday and it is going to be interesting to see if the stock can manage to add to its gains today.
Trading Data
On Friday, LGIQ stock moved up 40.14% to $0.7000 with more than 785.88K shares, compared to its average volume of 84.77K shares. The stock moved within a range of $0.5400 – 0.8341 after opening trade at $0.5450.
DLQ Announces Plans to List on NASDAQ via Merger with Abri SPAC I
The company’s subsidiary unit DLQ Inc, which is involved in digital consumer acquisition solutions, announced at the time that it had gone into a definitive merger agreement by way of which it was going to merge with Abri Merger Sub Inc in a new business combination.
Abri Merger Sub is a fully owned subsidiary unit of Abri SPAC I Inc, a special purpose acquisition company. Once the transaction is closed, the company is going to continue to trade on NASDAQ under the name DataLogiq Inc.
Abri is going to issue as many as 11.4 million shares in exchange for the DLQ shares that are going to be a part of the transaction. It should be noted that DLQ has been valued at $114 million. The board of directors of the respective businesses have also approved the transaction.
Key Quote
DLQ’s Chief Executive Officer, Brent Suen, commented, “As a platform for access to growth capital, acquisitions and higher visibility partnerships leading to increased customer acquisitions, DLQ sees this SPAC transaction as an important milestone for all shareholders. We look forward to partnering with Abri to leverage their significant expertise in corporate finance and management with solid experience forming attractive business combinations aimed at achieving substantial value for all shareholders.”
Technical Data
LGIQ stock is trading above the 20-Day and 50-Day Moving averages of $0.35 and $0.30 respectively. However, the stock is trading below the 200-Day moving average of $0.93.
