Majic Wheels Corp [MJWL] stock was suffering at the previous close as it plunged -4.10% to $0.0796. MJWL stock recorded Volume of 5.01M against the 30-day Average Volume of 4.68M. During the last 52-week period the MJWL stock value ranged from $0.0010 to $0.2650. The performance of MJWL stock for the week was -2.93% while its performance for the month was -33.11%. For the quarterly performance, MJWL stock saw a decline of -22.34%, and was down -54.25% in the last six months. MJWL stock lost ground even after announcing completion of an acquisition transaction.
What MJWL has acquired?
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Majic Wheels is a Delaware holding enterprise which has situated itself as a player in the troublesome businesses of Fintech and programming improvement through various acquisitions. MJWL’s first procurement is the digital currency trade, cryptographic money mining homestead and authority administrations stage: Calfin Global Crypto Exchange (CGCX).
Majic Wheels yesterday reported the conclusion of the recently declared Bamboo Wellness Holdings Limited securing of 26% value stake at a post cash valuation of US$126 Million.
- Since declaration of LOI for the securing, Bamboo’s prosperity has been striking, and in numerous ways MJWL is well in front of its underlying assumptions.
- MJWL will be supporting Bamboo in its extension with MJWL’s wide reach of different key business sectors in its worldwide organization.
- Bamboo will keep on being driven by Chief Executive Officer Vincent Kwo and its current senior initiative group.
- The business will keep on working as a different organization.
- Being a piece of MJWL will reinforces Bamboo’s situation as a main guarantee tech organization, improves its capacity to convey convincing answers for its demographic and extends its admittance to long haul vital capital.
- Bamboo’s solid outcomes to date were driven by its kin and culture and it will be working with the MJWL group to benefit from the critical chances it find before it.
- MJWL will probably be a colossal accomplice for Bamboo by sharing its esteems, and is additionally adjusted around its vision, and focused on its prosperity.
How the transaction executed?
With the conclusive reports properly executed, Majic Wheels (MJWL) has gained 26% of the augmented capital of Bamboo on a completely weakened premise. The exchange esteemed at US$26m is being supported part of the way with cash and new portions of MJWL, giving a post cash valuation of Bamboo at US$126M. MJWL likewise holds a choice to practice a First Right of Refusal to expand the interest of MJWL in Bamboo to 51% dependent on similar terms.
