TAOP shares higher on acquiring 51% stake in Render Lake Tech and launching NFT division

Taoping (TAOP) shares jumped 42% premarket on acquiring 51% equity interest in Genie Global’s wholly owned subsidiary, Render Lake Tech Ltd. and establishing NFT Business Division. Founded in Ontario, Canada in 2019, Render Lake is a cloud infrastructure service provider committed to provide high-performance cloud computing solutions for special effects companies.In consideration, TAOP to issue Genie Global a total of 144,204 ordinary shares in four phases. The first phase will issue 28,841 shares before March 31, 2022; the second phase will issue 28,841 shares before September 30, 2022; the third phase will issue 43,261 shares before March 31, 2023; the fourth phase will issue 43,261 shares before September 30, 2023. The company also appointed Qian Wang as Chief Investment Officer ((CIO)) of TAOP, director of NFT Business Division, and general manager of Render Lake. The transaction is expected to close no later than April 30, 2021.