Troops (TROO) said Monday its Giant Connection unit has signed a letter of intent with World Honor to acquire 49% of Work, a co-working space operator based in the British Virgin Islands with operations in Taiwan.

The agreement includes an option allowing Troops to purchase the remaining 51% in the future, the company said.

The payment will be made through convertible notes tied to Troops shares, priced at 80% of either the pre-signing closing price or the 60-day average, whichever is lower, it added.

The deal is subject to due diligence, regulatory approvals and Troops' commitment to launch a 7,000-square-foot co-working site in Hong Kong along with a mobile app.

Shares of the company were more than 75% higher in recent trading.

Price: 1.25, Change: +0.60, Percent Change: +90.84