Internet of Things Stock Soars on Acquisition Announcement

BSM Technologies Inc. (TSX:GPS), an Internet of Things stock, powered higher after agreeing to be acquired by Geotab Inc

Sean Mason | April 8, 2019 | SmallCapPower

A takeover agreement put a charge into an Internet of Things stock Monday. Here’s some small stocks making big moves on Monday, April 8, 2019 (as of 4 pm EST):

BSM Technologies Inc. (TSX:GPS), an Internet of Things stock, surged 38% to $1.37 on Monday after announcing that it has agreed to be acquired by Geotab Inc. for C$1.40 per share in cash, or a total equity value of approximately C$117.3 million.

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As well, shares of Patriot One Technologies Inc. (TSXV:PAT) rose 8% to $2.40 as the concealed weapons detection systems provider said it has received approval to graduate to the Toronto Stock Exchange, with trading expected to begin on Tuesday, April 9, 2019.

MediPharm Labs Corp. (TSXV:LABS), meanwhile, reported the formation of its new Science Advisory Committee, comprised of an internationally esteemed group of expert scientists, researchers and medical professionals. MediPharm Labs stock moved up 10% to $4.68 following the announcement.

Read: Ubika Alpha says MediPharm Labs revenue growth is just getting started

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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