The market cap of the diversified technology company focusing on innovative IoT and 5G enhancing technologies Affluence Corp (OTCPk: AFFU) rose 31.95% to $59.85M on last session’s close of $0.1978. AFFU stock traded 1.47M shares recently, which exceeded its average daily volume of 96.98K shares. Shares of AFFU stock have also been trading in a range of $0.1473 to $0.3500. With 302.55 million shares outstanding, the pink sheets company has 9.78 million shares on the market. An agreement to form a joint venture resulted in a rocketing AFFU stock price.
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How is AFFU making joint ventures?
Affluence Corp provides innovative software solutions for Internet of Things, Artificial Intelligence, and 5G technologies. AFFU invests in mid-market companies to create a cohesive unit that integrates technology for the next generation of internet.
It was announced yesterday that Affluence Corp is in the process of executing a funding agreement in which a joint venture will be formed with a large European Investment Fund.
- According to the terms sheet, the initial funding will be up to $40 million.
- Multiple large-scale projects across Asia will utilize this funding for the development of software products, infrastructure products, and value-added services.
- While the joint venture will be able to execute several very high-profile contract awards based on the terms of the Term Sheet that AFFU is set to announce within the coming weeks after an extensive effort by the AFFU management team around the globe.
- AFFU shareholders will not experience any dilutive effects from the $40 million in funding nor from any future rounds of funding thanks to the structure and formation of the joint venture with its funding partner.
- After the completion of due diligence and the signing of definitive legal documents, AFFU expects to close the funding early in the fourth quarter.
- The implementation of the projects will take place in the same timeframe.
- As a result of these projects, AFFU expects to see revenue this year and significant revenue the next two years.
- When the contracts are announced to the market, the AFFU will provide specific revenue guidance.
The JV will benefit AFFU in what ways?
In Asia, funding will position Affluence Corporation (AFFU) as a leader in Smart City Solutions, the Internet of Things, optical fiber, and 5G technologies. As AFFU implements its programs, the local infrastructure will undergo a transformation, and Smart City Solutions, IoT and 5G will be adopted rapidly. There are several large opportunities in AFFU’s pipeline for technology, professional services, and infrastructure within numerous Asian geographies which are due to be completed in the near future.
