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Here is why Apex Technology Acquisition Corp (APXT) stock went up in the after-market session on Wednesday

Apex Technology Acquisition Corp (APXT) stock remained unchanged in the morning session but it jumped 11.39% in the after-hours session on Wednesday, April 14, 2021. APXT shares have gained 13.78% over the last 12 months, and they have moved down by -1.76% in the past week. Over the past three months, the stock has lost -33.15%, while over the past six months, it has added 6.60%. 


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Let’s have a look at its recent news

Purchasing more APXT stock

On April 14, 2021, AvePoint announced that it is going to purchase up to $20.0 million of Apex Technology Acquisition Corporation common stock until the date on which the SEC declares Apex’s S-4 Registration Statement effective. The company also announced its Preliminary financial results for Q1 2020.

Important info

On November 23, 2020, Apex Technology Acquisition Corp announced a reverse merger with AvePoint but still has not closed the deal as of March 19. once the deal closes, APXT stock will change its symbol to AVPT.

AvePoint Preliminary Q1 2021 Financial highlights

  • AvePoint is expecting revenue in the range of $38.4 million to $38.8 million.
  • It is expecting a GAAP operating loss of $ 11.9million to $4.1million and a Non-GAAP operating loss of $1.9million to $1.5  in Q1 2021.
  • AvePoint is expecting GAAP operating margins of 31.0% and 10.6% and non-GAAP operating margins of 4.9% and 3.9%,
  • As of March 31, 2021, it has cash, cash equivalents, and Short-Term Investments of approximately $65.8 and AvePoint remains debt-free.

FedRAMP authorization

On April 5, 2021, AvePoint said that its Online Services cloud platform has achieved FedRAMP Authorization

This authorization will allow the Department of Energy to modernize and further automate its approach to records management in SharePoint and Microsoft Teams compliance with the M-19-21 NARA mandate.

Recent financial results

On March 11, 2021, Apex Technology Acquisition Corporation and AvePoint announced AvePoint’s financial results for the full year ended December 31, 2020.

FY2020 highlights

  • For the reported year, total revenue was $151.5 million.
  • It suffered a GAAP Operating Loss of $15.4 million and has a GAAP Operating Margin of 10%.
  • For FY 2020, it reported a Non-GAAP Operating Income of $18.3 million with a Non-GAAP Operating Margin of 12%.
  • The company had a cash flow of $19.1 million in FY 2020.

Global launch of EduTech

March 1, 2021, AvePoint, Inc.launched AvePoint EduTech globally. It will be first of its kind SaaS education management systems directly integrated with Microsoft 365 for educational institutions and commercial businesses with training and accreditation needs.

Conclusion

The recent preliminary financial results announcement could be the reason behind its surging in the after-market session. We can expect the merger completion in the coming days as well which can increase APXT share price.

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