Shares of nano-cap company Lianluo Smart Ltd. (LLIT) surged over 40% on Monday morning after the company announced a merger agreement with US e-commerce company Newegg.
LLIT is currently trading at $4.60, up $1.35 or 41.66%, on the Nasdaq.
China-based Lianluo Smart, which designs, develops and markets medical products and medical components, has signed a merger agreement with Newegg. According to the agreement, Lianluo Smart's fully owned subsidiary Lightning Delaware Sub will merge with Newegg. Thereafter, the stockholders of Newegg will become the majority owners of Lianluo Smart.
Furthermore, Lianluo Smart will sell its equity stake in Lianluo Connection Medical Wearable Device Technology to Beijing Fenjin Times Technology Development according to the equity transfer agreement.
The financial details of the deals were not disclosed.
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