NQ Mobile (NQ) Stock: Gains Big Then Halted On Asset Sales

NQ Mobile Inc (ADR) (NYSE: NQ)

NQ Mobile is having an interesting morning in the pre-market hours to say the least. After announcing completion of a key divestment, and a key sale, the stock shot upward before being halted, which prompted our friends at Trade Ideas to alert us of what’s going on with the stock. NQ was halted at 8:27, trading at $4.20 per share after a gain of 9.66%.

NQ Gains On Definitive Agreements

As mentioned above, NQ Mobile is having an overwhelmingly strong day in the pre-market today after announcing that it has entered into definitive agreements with Tongfang Investment Fund Series SPC. According to the terms of the agreements, Tongfang will acquire 63% ownership in FL Mobile Jiutian Technology Co., Ltd. This is the rest of NQ Mobile’s ownership in the company.

Also, the agreements outline that Tongfang will acquire 65% equity interest in Beijing Showself Technology, a live social video business. This is also 100% of remaining equity owned by NQ.

What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on NQ mobile. In particular, we’re interested in how the company plans to expand in other areas following the news of these asset sales. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks.

What Do You Think?

Where do you think NQ is headed? Join the discussion in the comments below or on StockTwits!

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[Image Courtesy of Wikipedia]

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