Powell Max falls on acquisition strategy
16/01/2025 16:36
** Shares of financial communications services provider
Powell Max PMAX.O fall 33.5% to 96 cents
** PMAX says it is planning to acquire firms that generate
$1.5 mln to $5 mln in gross annual revenue
** PMAX says acquisitions are to enhance co's market share
in the financial communications industry in Hong Kong and Asia
** Acquired companies will operate semi-autonomously as
separate business units under their respective managements -
PMAX
** Says PMAX has secured a standby equity line of credit of
up to $40 mln to support its acquisition strategy
** More than 26.6 mln shares traded, 109x their 25-day
moving average
** PMAX fell ~47% in 2024 since its Nasdaq debut on Sept. 5,
2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))