Network Solution Stock Soars on News of Binding Term Sheet

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Thursday, May 23, 2024

As a market leader in cyber-hardened, rapid-deployment networking solutions for wide-area IoT applications, this company’s unique portfolio delivers safer connectivity for rapid, cost-effective deployment to governments, military, utilities, telecom and campus applications. News of a binding term sheet is sending shares up ahead of the long U.S. weekend as the firm will benefit from new verticals in new regions.

Actelis Networks, Inc. (NASDAQ: ASNS) is a market leader in cyber-hardened, rapid-deployment networking solutions for IoT applications. In a press release today, the company announced the signing of a binding term sheet to acquire between 61% to 75% of the issued and outstanding shares of Nevada corporation, Quality Industrial Corporation, (OTC: QIND), subject to customary terms for closing. 

QIND operates out of Dubai, United Arab Emirates, designing, manufacturing and supplying solutions for the critical infrastructure industrial and energy sectors. Its operating business reported $11 million in revenue and $1.8 million in net income in 2023 and is projecting substantial growth in 2024. The company is expecting substantial growth in 2024 and currently services nearly 40,000 customers across the UAE with 7 operating facilities, a fleet of dozens of vehicles and approximately 100 employees.  

Shares of Actelis were trading mid-day at $0.6295, up over 21 percent.

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