By Stephen Nakrosis
Shares of Powell Max were trading higher in the after-hours market after the financial communications services provider said it had commenced activities to pursue acquisitions as part of its business strategy.
After the bell, the stock was trading 73% higher at $2.40 per share. Earlier Wednesday, the stock touched an all-time low of $1.17, and closed at $1.38, losing almost 27% in the session.
Powell Max said it is evaluating other financial communications service companies to continue growth and enhance market share. It said it planned to acquire companies generating $1.5 million and $5 million in gross annual revenue, adding it intends to retain most of the management teams of the acquired companies.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
January 15, 2025 17:50 ET (22:50 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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