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TAOP To Acquire Taoping New Media For $15M

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Taoping Inc (NASDAQ: TAOP), a provider of smart display terminals and solutions for targeted advertising and online retail, inked an agreement to acquire Taoping New Media Co., Ltd for 1.2 million TAOP shares.

  • The purchase price amounts to $15 million based on TAOP’s Thursday closing price of $12.36.
  • Taoping New Media would become a wholly-owned subsidiary of TAOP’s variable interest entity Biznest Internet Technology Co, Ltd.
  • Taoping New Media was a media operator in China’s out-of-home digital advertising industry. It had acquired smart display screens from TAOP in 2017 and built up its digital advertising network based on TAOP’s cloud platform.
  • TAOP CEO Jianghuai Lin, as Taoping New Media’s major shareholder, would receive 0.6 million shares.
  • The acquisition would enable TAOP to foray into a $25.5 billion out-of-home advertising market in China with end-to-end digital marketing solutions as per Lin.
  • TAOP’s cash and cash equivalents amounted to $0.3 million as of June 2020.
  • TAOP stock price climbed 334% in the last three months.
  • Price action: TAOP shares traded higher by 5.83% at $13.08 on the last check Friday.
 

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