Why Sensor Technologies (CSE:SENS) Stocks Galloped 200%?

Summary

  • Stocks of Sensor Technologies Corp (CSE: SENS) galloped by over 200 per cent on Monday, February 1.
  • The Canadian sensor systems provider said it plans to purchase all securities of lighting manufacturer EmersonGrow Technologies Inc for a purchase price of C$ 20 million.
  • Sensor Technologies added that it expects the signing of definitive agreement to acquire EmersonGrow in the next few weeks.

Stocks of Sensor Technologies Corp (CSE: SENS) galloped by over 200 per cent on Monday, February 1, after the company posted an update about its acquisition deal with lighting manufacturer EmersonGrow Technology Inc.

The Canadian sensor systems provider said it plans to purchase all of EmersonGrow’s securities for a deemed price of C$ 0.15 apiece, which would bring the total value to C$ 20 million.

Sensor Technologies added that it expects the signing of definitive agreement to acquire EmersonGrow in the next few weeks.

 

Sensor Technologies Corp (CSE: SENS)

Current Stock Price: C$ 0.045


Mississauga-based Sensor Technologies focuses in development and manufacture of asset health monitoring sensor systems, primarily for oil and gas industries. These sensor systems are used to keep an eye on the health of pipelines, vessels and other equipment which could face erosion over a period of time.

Stocks of this Ontarian company got listed on the Canadian Securities Exchange (CSE) on October 24, 2018. Since its stock market debut, Sensor Technologies recorded a share price dip of about 76 per cent in the last roughly two years.

However, the scrips have been picking up momentum recently following the first report about its plans to purchase EmersonGrow on January 20. Sensor Technologies stocks have surged by about 200 per cent in January and by about 800 per cent this year.

©Kalkine Group 2021

 

The latest update about the EmersonGrow acquisition deal saw its share price jump to a record level of C$ 0.045 per cent on Monday.

Formerly known as Mooncor Oil & Gas, Sensor Technologies recorded a total revenue of C$ 0.28 million in the nine months ending 30 September 2020, down from C$ 0.51 million in the same period a year ago. The company attributed this decline in its revenue to the disruptions triggered by the coronavirus pandemic.

Sensor Technologies reported in its latest financial statements that it incurred a net loss of C$ 0.23 million in the first nine months of 2020.

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