RTTNews | Aug 6, 2020 09:50AM EDT

09:50 Thursday, August 6, 2020 (RTTNews.com) - Shares of American Virtual Cloud Technologies Inc. (AVCT) hit a 52-week high of $12.96 Thursday morning, after the company announced its definitive agreement to acquire Kandy Communications in an all-stock transaction.

The stock has been trading in the range of $1.45 - $12.96 for the past one year, and is currently trading at $9.91, up $5.07 or 104.79% in the regular session.

The company noted that the proposed acquisition combines AVCtechnologies' 30+ years of experience delivering exceptional white-glove customer service to enterprise customers across a range of managed IT solutions with Kandy's pure-play, industry-leading, proprietary UCaaS, CPaaS, and CCaaS platform to provide a best-in-class, end-to-end communication experience for channel partners, their customers and end users.

"This acquisition significantly accelerates our growth strategy and vision to become a leading provider in the large and fast-growing cloud communications industry while increasing our penetration into global medium-sized and large enterprise clients," added Graham McGonigal, AVCtechnologies Chief Operating Officer.

As per the deal, AVCtechnologies would issue thirteen million shares of its common stock to Ribbon Communications. The transaction is expected to close in the second half of 2020.

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