Borqs Technologies Inc. (BRQS) shares were up 5.87% in pre-market trading at $0.81. On the last trading day, BRQS closed at $0.77, about 1.76% or $0.02 higher than where it closed the previous session. The price of BRQS stock fluctuated between $0.721 and $0.8721 on the day. BRQS stock traded 10.08 million shares, less than its 50-day daily volume of 13.45 million and less than its Year to Date volume of 10.38 million.
BRQS stock has declined by -30.45% in the past 12 months, and in the last week, it has dropped by -5.89%. BRQS stock has fallen by -34.61% over the last six months, and by -30.45% over the last three months. So far this year, BRQS stock has declined by 22.47 percent. Despite the postponement of the annual general meeting, BRQS stock is rising pre-hours.
Why did BRQS Stock postpone the meeting?
Borqs Technologies provides Android-based smart connected devices and cloud service solutions that look to the future. BRQS is a global leader in software and products for IoT. One of BRQS’ key strengths is its Android Licenses, through which the company has been able to create a software IP library that includes chipset software, Android enhancements, domain-specific usage, and system optimizations to support both large and small custom products. As part of the product roadmap, BRQS is also working on 5G phones and hotspots.
An annual general meeting of Borqs Technologies shareholders scheduled for August 2, 2021, has been postponed, the company announced on Friday. In light of the insufficient quorum requirements specified in the meeting’s convening notice, BRQS made the decision. Shareholders of BRQS will now convene at the offices of Sichenzia Ross Ference LLP, 1185 Avenue of the Americas, 31/F, New York, NY 10036 on August 6, 2021, at 10:00 am EDT. To conduct the adjourned meeting, BRQS requires a quorum of one-third of the ordinary shares outstanding as of the record date, either in person or by proxy. BRQS believes it will meet the quorum requirement for this adjourned meeting.
Recent developments at BRQS:
Borqs Technologies (BRQS) recently announced that it is receiving bids from several real estate developers to build out a 1.9 million square foot, $100 million 5G Industrial Park in Huzhou, China as part of a joint venture with the Huzhou, China government. Huzhou South Taihu New Area government granted BRQS 1.7 million square feet of land-use rights worth US$110 million. An office and research complex, manufacturing facilities, a convention center, and hotels are planned for the development.
