American Virtual Cloud Technologies Inc. (AVCT) stock has gained 42.86% in Thursday’s pre-market as of this writing. The stock lost 3.81% yesterday and closed at $5.81 per share.AVCT shares have gained 49.74% over the last 12 months, and they have moved up by 4.50% in the past week. Over the past three months, the stock has lost -25.80%, while over the past six months, it has added 40.00%.
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Let’s try to figure out the reason behind its turnaround.
Proposal to acquire all shares of common stock
On April 07, 2021, American Virtual Cloud Technologies, Inc. received an unsolicited non-binding proposal to acquire all of the issued and outstanding shares of common stock of the Company for a price of approximately $9.00 per share.
New chief growth officer appointment
On April 6, 2021, AVCT appointed Dr. Louis J. Hutchinson as the new chief growth officer. Hutchinson will be leading the global sales, marketing, and corporate communications strategy for the company.
On his appointment, Hutchinson said that he feels honoured to join the AVCT team and to lead the company through the next stage of intentional and sustainable growth.
Recognition from AT&T
On March 23, 2021, American Virtual Cloud Technologies announced said that it has won the 2020 Growth Partner of the Year by AT&T Cybersecurity.
This award is given to those companies who grew their business exceptionally in managed security service providers (MSSPs) and managed detection and response providers (MDRs)categories.
Recognition froma business journal
AVCT received another recognition on March 9, 2021, from Houston Business Journal when it was recognized as the largest cybersecurity company in the Houston area for the second year in a row.
AVCT Strategic Partnerships with Orion Innovation & Ribbon Communications
On March 8, 2021, American Virtual Cloud Technologies announced that it has entered into a strategic multi-year agreement with Ribbon Communications and Orion Innovation.
According to the partnership agreement, Orion will establish a new location in Istanbul and adds 400+ R&D engineers to expands its Digital Product Development centres.
There is no news except the recent proposal about its common stock which is the main reason behind its pre-market surging on Thursday.