Prestige WealthNASDAQ: PWM

HONG KONG, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Prestige Wealth Inc. (NASDAQ: PWM) (“PWM”, or the “Company”), a wealth management and asset management services provider based in Hong Kong, today announced that, on August 20, 2024, it entered into a definitive acquisition agreement pursuant to which PWM will purchase all shares of SPW Global Inc, a company incorporated under the laws of the British Virgin Islands, which in turn wholly owns Wealth AI PTE LTD. or Wealth AI, a company incorporated under the laws of Republic of Singapore. The total purchase price is US$4,500,000, subject to customary closing purchase price adjustments, with US$3 million being paid in cash and the remaining US$1.5 million being settled in the form of 1,900,000 class A ordinary shares and 500,000 class B ordinary shares of the Company issuable to the seller and key employees of Wealth AI. In addition, key employees will be retained and continue to be employed by Wealth AI after closing of the transaction. The acquisition agreement also includes a third-year period non-competition and non-solicitation covenants from the seller parties. The transaction is expected to close in the fourth quarter of 2024 and will enhance PWM's technology strength in artificial intelligence space and facilitate PWM's development of next-generation AI-driven wealth management solutions for its clients.

Prestige Wealth (NASDAQ: PWM) stock price jumped sharply on Wednesday as it went through a strong short squeeze. It jumped by more than 43% in the regular session and over 24% in the extended hours.

The shares of Prestige Wealth (NASDAQ: PWM ), a Hong Kong-based wealth management and asset services provider, just started trading yesterday. Today PWM stock is trending on social media and is up more than 120%.

Prestige Wealth Inc (NASDAQ: PWM) stock price made headlines on Thursday when it almost doubled on its first trading day. The shares jumped to $5.40 on Thursday, giving it a market cap of over $48 million.