Nixxy (NIXX) said Thursday it has signed a letter of intent to acquire a private wholesale gifts business, with the preliminary target valuation estimated at $6 million.

The target is projected to record a gross merchandise volume of $66 million with $10 million in net revenue for 2024, pending its successful acquisition and integration, Nixxy said.

The company said more details about the target are expected to be announced as due diligence is completed, expected within the next seven days.

Nixxy shares soared nearly 200% in recent Thursday trading.

Price: 7.10, Change: +4.73, Percent Change: +199.58