Shares Of NQ Mobile Pop Then Drop Following Update On FL Mobile Divestment

on Monday that its affiliate, Beijing NQ Technology Co, is contemplating a proposed transaction in which Gansu Huangtai will acquire the entire stake of FL Mobile Jiutian Technology - Beijing Technology's majority owned subsidiary in the People's Republic of China. The transaction consistent with NQ Mobile's

back in August that it is exploring a sale of its entire stake in FL Mobile for no less than $626 million. NQ Mobile noted that the parties have yet to into any definitive agreement. Shares of NQ Mobile opened for trading at $3.91 on Monday and hit an intra-day high of $3.93 before tumbling to an intra-day low of $3.56. After more than 2 hours of trading, NQ Mobile's stock was lower by 4.76 percent on the day at $3.60.