What's Going On With OBITX, Inc?
OBITX Inc. (OBTX) stock rose on Monday after Everything Blockchain announced completion of its acquisition of Mercury, Inc. upon the determination of the Small Business Administration forgiveness application of the Payroll Protection Program (PPP) currently submitted by Mercury, Inc. Shares of the company were trading higher 0.95% t0 $5.30 a share on Monday.
What Does This Mean For OBITX, Inc?
All cash and stock to finalize the closing has been placed in Escrow, pending the resolution by the SBA. Mercury, Inc. submitted its application for forgiveness in May 2021 and expects a determination on its PPP forgiveness within the next few days. Mercury, a software and web development company, has consistently recorded roughly $2.5 million in revenue with a 15% bottom line profit margin over the past three years. Everything Blockchain believes this purchase will serve as a crucial element in its development of cyber security utilizing Blockchain technology.
"In choosing Idaho as our base for our research and development and mining operations, Everything Blockchain will be able to secure access to some of the most competitively priced electrical energy and software engineers, while geographically located in an area that has conducive weather patterns well suited for our purpose,” said Eric Jaffe, Everything Blockchain’s CEO. Adding, “the acquisition of Mercury, Inc., is right in line with our strategic growth plan. Mercury, Inc., is a viable company that has existed for 12 years and has a seasoned book of business we will be able to draw from and help grow.”
ObitX, Inc., together with its subsidiaries, engages in the business of digital cryptocurrency and blockchain development, and consulting services.
OBTX has a Long-Term Technical Rank of 98. Find out what this means to you and get the rest of the rankings on OBTX!
Obitx Inc is engaged in the digital cryptocurrency and blockchain development and consulting.