24/7 Market News Snapshot 09 December, 2024 – Taoping Inc. BVI Ordinary Shares (0 par) (NASDAQ:TAOP)

December 9, 2024

DENVER, Colo., 09 December, 2024 (247marketnews.com) – (NASDAQ:TAOP) are discussed in this article.
Taoping Inc. (BVI Ordinary Shares) experienced a notable trading session, opening at $0.39 and dropping to a current price of $0.358, marking a decline of approximately 8.45%. The previous close was $0.330, indicating a volatile market environment. With trading volume reaching 17.84 million shares, investor activity has substantially increased, hinting at a potential shift in market sentiment. Observers should monitor support levels around the previous close and consider technical indicators such as moving averages to assess future price dynamics.

In a strategic move to enhance its market presence, Taoping has signed a non-binding letter of intent to acquire Shenzhen Yunti Internet of Things Co., Ltd. (Yunti), a notable player in the smart elevator sector. Established in 2016, Yunti has garnered attention for its comprehensive smart elevator solutions, encompassing sales, installation, repair, and maintenance services. The company boasts a robust SaaS platform and is recognized for its innovative products, including the “Tishibao” cloud service platform and “Tishibang,” which stands out as the first private market elevator internet service.

Should the acquisition proceed, it will involve Yunti’s shareholders exchanging their ownership for newly issued ordinary shares of Taoping, with specific terms to be finalized through detailed evaluation. The closing and integration of this acquisition are expected within the next year, contingent upon successful negotiations and requisite approvals.

Jianghuai Lin, Chairman and CEO of Taoping, emphasized the strategic importance of this acquisition, stating it aligns with the company’s commitment to leveraging long-term growth opportunities and enhancing shareholder value. This potential acquisition underscores Taoping’s dedication to expanding its footprint in the burgeoning elevator equipment industry, aiming to provide innovative solutions in the smart city ecosystem.

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