American Virtual Cloud Technologies Inc. (AVCT) gains a further 6.09% in the after-hours at $1.22 on December 07. The stock was up by 35.29% with 11.75 million shares in the previous regular trading session. Intraday trading, the stock varied between $0.8663 and $1.2050 to close the session at $1.1500.
Currently, the stock seems to be bouncing back after being traded in the red since the start of December. Looks like investors saw the stock’s dip as a good buying opportunity.
AVCT and Recent Developments
Founded in 2016, the IT solutions provider American Virtual Cloud Technologies Inc. (AVCT) has a market capitalization of $57.76 million. Currently, the company has 67.96 million shares outstanding in the market. Moreover, the AVCT stock has lost 28.57% in the previous five trading sessions and 84.03% year to date.
Some of the recent developments of the company include:
$5M Equity Financing
On November 02, the company announced $5 million equity financing with an institutional investor. According to the agreement, 2,5000,000 shares of common stock of the company were offered in a registered direct offering. The common stock had a per-share purchase price of $2.00. Moreover, for the purchase of additional 2,500,000 shares, a Series B warrant was also offered. Further, the offering will result in gross proceeds of $5.0 million, less commissions, and expenses. In addition, if the Series B warrant is fully exercised, AVCT would also get the gross proceeds of the warrant, amounting to $5.0 million.
Furthermore, a parallel private placement for unregistered Series A warrant for each of the purchased shares of AVCT’s common stock also took place. Additionally, the exercise price of the warrant was the same $2.00 per share.
Kandy’s Latest Innovations’ Demo
On November 01, AVCT announced that it’s Kandy Communications business unit would display its latest innovations at the Channel Partners conference and expo. Kandy is a cloud-based, real-time communications platform.
Along with its other innovations, Kandy demonstrated its award-winning cloud-based UCaaS, CCaaS, and COaaS solutions for enterprise’s secure digital transformation.
Further, the conference and expo were held in Las Vegas from November first to fourth, 2021.
AVCT’s Kandy’s new Solution Launch
On October 13, AVCT’s Kandy launched unified communication and collaboration solutions in the IBM Cloud for financial services. The new solutions include a full suite of cloud-based Unified Communications as a Service (UCaaS) capabilities. Moreover, the IBM Cloud for financial services has a highly secured, purpose-built environment. This allows customers to develop and share various types of content like APIs, data and applications, etc. with full security.
