DSG Global Inc (OTCMKTS:DSGT) stock is moving down a bit in the opening session on Tuesday after the news. The stock has been under selling pressure over the past 6-month with a fall of 75%.
Major Trigger:
DSG Global Announces Vehicle Wholesale Importer Acquisition as a Significant Step Toward Achieving Large-Scale Distribution with Significant Cash Flow
Key Highlights:
- Green Globe International announced today it has entered a binding memorandum of understanding for the acquisition of Ontario, Canada-based MTG, Inc.
- MTG is a well-established automotive import/export company in the U.S., Canada, and Mexico with over 25 years of experience and extensive commercial fleet and retail connections throughout the global automotive industry.
- Completion of the transaction, which is subject to several conditions, would see the integration of MTG’s customer base and multimillion-dollar monthly sales flow into a new wholesale division of DSG led by Michael Tersigni and Johnny Cooper, both preeminent automotive specialists. Cooper formerly built the same business model in the late ‘90s, completing transactions for over 12,000 vehicles and up to $321 million in sales annually. His company was successfully sold to one of the largest auto auction groups in the world.
- With the new division and management team DSG has assembled, the Company expects to see dynamic results in its new business unit soon after closing of the transaction.
- DSG’s strategy will increase cash flow with positive revenue but also enhance the Company’s EV business with the ability to offer a unique buying experience to Imperium clients. DSGW will be one of the only OEM EV companies offering to take used inventory and dispose of the units, making it the go-to full-service provider of world-class EV products for fleet and consumer transportation.
Market Reactions
As of 10:27, DSGT stock fell by 2.82% at $0.2036. Total volume so far stood at 316k shares, compared to its average volume of 1 million shares. The stock moved within a range of $0.2000 – 0.2150 after opening at $0.2083.
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