China Natural Resources, Inc. (NASDAQ: CHNR) stock is moving higher 58 percent in pre-market trading amid news of acquisition.
The company has signed a non-binding Letter of Intent to acquire a subsidiary holding a majority stake in HooRii Technology (HK) Limited.
HooRii Technology specializes in physical AI through IoT and artificial intelligence. The acquisition is valued between $37 million and $40 million in cash and stock. The strategic move aims to enhance CHNR’s mining operations and facilitate its expansion into the physical AI market.
A special committee of independent directors has been established to evaluate the proposed deal.
Pre-market trading showed China Natural Resources at $5.23 after the stock closed at $3.30 in the prior session.
 stock is moving higher 58.48 percent in pre-market trading amid news of CHNR signs LOI for acquisition.){kind=link}