Benzinga | Feb 19, 2021 11:34AM EST

Taoping Hires Great Bay Capital As Blockchain Consultant, Shares Spike

* Taoping Inc. (NASDAQ: TAOP) engaged Great Bay Capital Investment Limited as a consultant for a two-year term effective February 19, 2021.

* Great Bay will provide the company with investment opportunities regarding blockchain and digital assets like Bitcoin, Ethereum, introduce the company to potential investors, present potential blockchain industry M&A targets, assist in completing relevant due diligence work, and propose M&A plans.

* Under the agreement, Taoping will issue a warrant to Great Bay to purchase one million shares at $3.50 per share.

* "It's time for TAOP to embrace the opportunities in the blockchain industry and digital assets, especially Bitcoin," said Taoping CEO Jianghuai Lin.

* Price action: TAOP shares are up 25.7% at $7.24 on the last check Friday.