Shares of Telecom Firm Higher on Planned Strategic Announcement

By: Tomas Ronolski - AllPennyStocks.com News

Thursday, August 8, 2024

As it prepares for its Nasdaq uplisting, shares of this telecom firm are on the upswing on news of a planned strategic acquisition.

U.S.-based, multinational telecommunications and technology company iQSTEL Inc. (OTC:IQST) made a major announcement in a press release today that has shares trading higher.

iQSTEL recently announced plans to expand sales to $1 billion by fiscal year 2027. The firm released an extensive business plan earlier this week that detailed key specific steps to reaching that goal.

Highlights will be released at an upcoming conference and include a targeted strategic acquisition expected to add $200 million to $300 million in annual sales, a $30 million raise in conjunction with the strategic acquisition and Nasdaq uplisting. Additionally, organic sales are expected to double existing and acquired sales.

In morning trade, shares were up around 5 percent.

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