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Tag: AVCT stock

  • American Virtual Cloud Technologies Inc. (AVCT) Continues its Bullish Course After Hours. What’s New?

    On March 21, American Virtual Cloud Technologies Inc. (AVCT)’s Kandy Communications business unit announced its upcoming participation in the Enterprise Connect 2022 Conference & Expo: Let’s Re-connect!. Consequently, AVCT continued its bullish course throughout the day with a further 22.77% gain after hours.

    During the regular session, the stock was able to increase by a nice 10.33% at a volume of 23.92 million shares. At the close of the session, AVCT had a value of $1.01 per share while the volume of the shares exchange remained above the average. The stock continued its uptrend into the after-hours as it added a further $0.23 or 22.77%. Hence, the stock was trading at a price of $1.24 per share in the after-hours while 8.92 million shares exchanged hands.

    The IT solutions provider, American Virtual Cloud Technologies Inc. has a market capitalization of $81.52 million. Currently, the company has 89.05 million shares outstanding in the market. With a gain of 40.02% in the past five days, AVCT stands at a year-to-date loss of 58.44%. Moreover, the stock subtracted a value of 82.25% in the past year.

    Upcoming Conference Participation

    Source: Inc. Magazine

    Enterprise Connect 2022 Conference & Expo Let’s Re-connect! Will take place from March 21 to 24, 2022 in Orlando, FL. Kandy, which is a global leader in secure and intelligent cloud communications will showcase its latest offerings at the conference. Kandy’s latest offerings, ready for demo at the event include Unified Communications as a Service (UCaaS), Microsoft Teams Direct Routing as a Service (DRaaS), SIP Trunking as a Service (STaaS), and Communications Platform as a Service (CPaaS).

    In addition, Kandy will also be featuring recent innovations from its key partners at the event.

    AVCT’s Other Developments

    On March 18, AVCT announced the joining of a new open source project “CAMARA – The Telco Global API Alliance” by Kandy. The partnership is aimed at addressing hurdles in porting and reproducing API services across heterogeneous operator and cloud architectures. CAMARA is introduced by The Linux Foundation and GSMA for helping customer and developer ecosystems.

    Furthermore, on March 16, the company announced the completion of the sale of its Computex Technology Group business to Calian Group Ltd. The sale resulted in the transition of the company to a pure-play cloud communications and collaboration company focused on the Kandy platform. Additionally, the proceeds combined with those from a recent securities purchase agreement left AVCT debt-free.

  • Closing of Computex Sale to Calian Group: American Virtual Technologies Inc. (AVCT) Up Premarket

    On March 17, 2022, shares of American Virtual Technologies Inc. (AVCT) were up by 11.03% in the premarket, at the last check. This bullishness is a result of the company’s yesterday’s announcement. On March 16, the company announced the successful completion of the sale of its Computex business to Calian Group Ltd.

    In the previous regular session on Wednesday, the stock remained bullish with a gain of 3.99%. The session witnessed a mere 19% of the average volume at 2.6 million shares against the usual 13.78 million. AVCT closed the session at a price of $0.7451 per share after reaching a high of $0.7801 during the session. Following the news, the stock was trading at a value of $0.8273 per share in the premarket today, at the time of writing.

    The IT solutions provider, American Virtual Technologies Inc. has a market capitalization of $63.81 million. Currently, the company has 89.05 million outstanding shares in the market. Standing at a year-to-date loss of 69.34%, AVCT declined by 87.96% last year.

    AVCT’s Latest News

    As per yesterday’s announcement, the company has successfully closed the sale of its Computex Technology Group business. This sale has thus completed the company’s transition to a pure-play cloud communications and collaboration company. Now focused on its Kandy platform, the sale has rendered AVCT debt-free.

    Source: DBS

    Previously, the company had entered into a definitive agreement for the sale of Computex business on January 27. For the transaction, Truist Securities Inc. was the company’s financial advisory and Greenberg Traurig LLP served as its legal counsel.

    Company Updates

    On March 01, the company’s Kandy Communications business unit announced the availability of IPTF Click-to-Connect to AT&T IP Toll-Free (IPTF) users. AT&T helps businesses transform customer experience together with Kandy.

    On February 28, AVCT announced entering into a securities purchase agreement with an institutional investor. After the original issuer discount, the net proceeds from the securities purchase are $15 million. Subject to certain conditions, additional net proceeds of $5 million are also expected. The net proceeds from this agreement combined with the Computex sale resulted in the company’s zero debt.

    On January 07, the company announced the appointment of Michael Tessler as the Chairman of its Board. Mr. Tessler has vast experience of over two decades in the growth and scaling of technology businesses worldwide. Moreover, he was the co-founder and former CEO of BroadSoft.

  • American Virtual Cloud Technologies, Inc. (AVCT) Rebounds on Record Growth in the Middle East

    American Virtual Cloud Technologies, Inc. (AVCT) Rebounds on Record Growth in the Middle East

    American Virtual Cloud Technologies, Inc. (AVCT) stock rebounded in the pre-market on Tuesday after it succumbed to corrections in regular trading. The reason behind the recovery was the announcement of Kandy and Etisalat’s record growth in the Middle East.

    During regular trading, the stock fluctuated between a high of 2.64 and a low of 2.31 at 35.01 million shares. The stock closed the session with a loss of 7.00% at $2.39 on Tuesday. Following the news, AVCT recovered in the pre-market, gaining 7.95% at $2.58.

    AVCT and its Movement

    The IT solutions provider, American Virtual Cloud Technologies, Inc. was founded in 2016. Currently, its 71.35 million outstanding shares trade at a market capitalization of $203.53 million.

    During the regular session, AVCT saw a downtrend due to corrections, shedding its previous day’s gains. Previously, the company had announced the expansion of its Kandy Communications business to 40 countries on December 15. As per the announcement, Kandy’s PSTN replacement service is now available in 40 countries including Brazil and China. This news had caused an uproar in the stock which ultimately resulted in its fall on Tuesday. Further, Tuesday’s announcement put AVCT back on a bullish path in the after-hours session.

    Moreover, the stock has lost 4.40% in the past five days, mostly due to corrections after gains on Kandy’s expansion news. Furthermore, AVCT has added a value of 62.59% in the past month while losing 66.81% year to date.

    Kandy and Etisalat

    As per Tuesday’s announcement, AVCT’s Kandy reported record growth of its partnership with Etisalat. The Etisalat CloudTalk and Business Edge are powered by Kandy’s Unified Communications and Collaboration platform. Over 50,000 end users are enabled to have a safe, secure and multi-functional communication and collaboration platform through it. Moreover, the Etisalat CloudTalk Meeting also provides services to mobile workforces. In addition, Etisalat and Kandy are also working on cutting-edge communications solutions for their enterprise customers.

    Etisalat is a leading telecom group in emerging markets with high credit ratings and performance. The company is based in Abu Dhabi, UAE. Furthermore, the company had consolidated net revenue of AED 51.7 billion with AED 9.0 billion net profit in 2020. Moreover, Etisalat Group’s services are provided in 16 countries across the Middle East, Asia, and Africa.

  • American Virtual Cloud Technologies, Inc. (AVCT) Falls Under Corrections Premarket

    American Virtual Cloud Technologies, Inc. (AVCT) Falls Under Corrections Premarket

    American Virtual Cloud Technologies, Inc. (AVCT) stock was down by 9.34% at $2.33 premarket, at the last check on Tuesday. The stock seems to be falling down under corrections, in order to shed its previous day gains.

    In the previous trading session, the AVCT stock saw a huge increase of 35.26% at the closing price of $2.57. With no new developments, the stock seems to have gained on the previous announcement of Kandy’s expansion to 40 countries.

    Currently, American Virtual Cloud Technologies, Inc. has a market capitalization of $150.47 million. Moreover, the company has 71.35 million shares outstanding in the market.

    AVCT’s Recent Movements

    On December 15, AVCT announced that its Kandy Communications business unit has reached a total of 40 countries for its PSTN replacement service. This news caused a huge uproar in the stock, making it under-go bouts of gains followed by profit booking events. The recent gain also seems to be due to the same news, as nothing new has been posted. Hence, once again the stock has fallen under corrections and was losing further at the time of writing.

    In the past five days, AVCT stock has added over 65.8% and 72.48% last month. Moreover, the stock has lost 13.03% in the past three months and 64.31% year to date.

    Kandy’s PSTN Service Expansion

    As per the previous announcement, Kandy’s full Public Switched Telephone Network (PSTN) replacement services now include Brazil and China. Hence, the total count of countries that has the service available now has reached 40. Moreover, this expansion has resulted in Kandy’s services being available in countries that account for 78% of the world’s GDP.

    Furthermore, these services include local dial tone, local numbers and their porting, domestic calling, local toll-free, local emergency services, and Lawful Intercept. In addition, Kandy also offers Inbound DID services and Toll-free services in 87 and 105 countries respectively, representing almost 90% of global GDP.

    The PSTN replacement services help businesses to transfer their telephony networks to cloud-based solutions, seamlessly.

    AVCT’s Securities Purchase Agreement

    On December 14, the company announced entering into a securities purchase agreement with an institutional investor. Moreover, the expected initial gross proceeds from the sale are $25 million. If all issued warrants are exercised fully, AVCT would receive gross proceeds of $76 million approx.

    The company intends to use the net proceeds from the placement for funding its growth plan along with debt elimination.