Ionix Technology Inc (OTCMKTS:IINX) was on the news yesterday after it made a major new announcement and that led to gains of as much as 14% amidst heavy interest. Yesterday, the company announced on its corporate website that its management had signed an agreement with Legend Ecological Aquaculture with regards to the acquisition of a 51% stake in the latter.
Trading Data
On Monday, IINX stock gained 13.75% to $0.0182 with more than 3.91 million shares, compared to its average volume of 742.47K shares. The stock moved within a range of $0.0160 – 0.0253 after opening trading at $0.0210.
Ionix Technology, Inc. to Achieve A New Breakthrough
The company further went on to add that the implementation of the agreement and the acquisition procedure was the next thing that it was going to be dwelling on. Legend Ecological Aquaculture is involved in aquaculture technology, farming and environmental protection. At this point in time, the company has a yearly turnover of $18 million.
The Chief Executive Officer of Ionix, Li Cheng, spoke about the development and provided a statement as well. He noted that Ionix had researched the products, services and technologies from Legend over several months. At the end of it, it had been concluded that those had managed garner considerably widespread recognition. He also noted that Legend was going to grow at a geometric rate in the coming years and hence, it could well go on to become one of the major profit centers for Ionix.
Technical Data
IINX stock is trading below the 20-Day and 50-Day Moving averages of $0.0171 and $0.0190 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0462.
