Hammer Technology Holdings Corp (OTCMKTS: HMMR) stock was up 5.5% in the previous ttrading session on unusual volume.
Market Action:
On Tuesday, HMMR stock rose 5.45% at $1.1600 with more than 53.22K shares, compared to its average volume of 40.12K shares. The stock has moved within a range of $1.0600 – 1.2000 after opening the trade at $1.0700.
Enters into a Definitive Agreement to Aquire Telecom Financial Services Ltd
The company, formerly known as Hammer Fiber Optics Holdings Corp, has revealed that it has signed a definitive agreement to purchase 100% equity interest in digital financial services and cross-border remittance products developer, Telecom Financial Services Ltd, as part of its changing diversification strategy.
Upon closing of the transaction, Hammer will change TFS’ name to HammerPay Ltd. The partnership in this transaction clears the path for the company to deliver a wide range of financial products adopting blockchain tech. It will also help the company to leverage new technologies in providing best-in-class services.
The company’s move to acquire TFS follows the advice of recently appointed Principal Consultant of Global Fintech Acquisitions Kevin Ferguson, who had identified TFS before as an acquisition target. Ferguson said that although details about the deal are still confidential, its acquisition will position Hammer as a reliable cross-border remittance firm. Following this development, investors should watch HMMR.
Key Quote:
“Although the final details of the transaction were still under a Strictly Confidential Letter of Intent, the successful acquisition of this fintech entity, which has key strategic banking partnerships in place, will significantly and rapidly position Hammer as a viable and lucrative international cross-border remittance and bill payment competitor.” Commenting on this breakthrough strategic partnership, evidenced by the signing of the equity definitive agreement between the parties, Eric Maire Chairman of TFS stated.
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