American Virtual Cloud Technologies, Inc. (AVCT) is a leading solution provider of IT issues. The company offers different services including managed service providing, unified cloud communications, enhanced connectivity, enterprise networking and cybersecurity
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The price of AVCT stock during the regular trading on December 29, 2021 was $2.25 with a drop of 5.86%. At last check in the aftermarket, the price of stock further dropped by 9.87%.
AVCT: Events and Happenings
On December 28, 2021, AVCT’s business unit Kandy Communications reported the expansion of its collaboration with Etisalat, accompanying some new offerings allowing embedded communications in business applications for big organizations in the region. On December 15, 2021, AVCT’s business unit Kandy Communications reported that full Public Switched Telephone Network (PSTN) replacement facilities were available in Brazil and China. The number of countries served by company’s voice network is 40.
On December 14, 2021, AVCT reported about its entry into acquisition agreement for sale of equity investment. The preliminary gross proceeds were expected to be $25 million. In combination with the last month’s equity raise, it provides an aggregate of $76 million gross cash proceeds to the company.
On December 10, 2021, Kandy Communications and Braidio co-partnered for the next-generation user experiences for an 80,000-user telehealth application and for a pet wellness application via leading US vet hospital system. Braidio in partnership with Kandy, created more edge-driven customer engagement practices for the consumers.
On December 08, 2021, AVCT reported about its project revenues of Kandy to expand from $14.3 million during 2020 to $18.8 million during 2021 and approximately $37 million during 2022. On December 02, 2021, Kandy Communications reported about advancement in its long-lasting affiliation with ConnX, Inc. ConnX is a leading digital communications transformation company which is driven by AI and automation approaches.
On November 01, 2021, Kandy Communications demonstrated its novel approaches (that enabled its channel partners to offer safe digital transformation and consumer engagement) at Channel Partner Conference & Expo: Homecoming held on November 1-4, 2021. On October 13, 2021, AVCT reported that Kandy Unified Communications and Collaboration solutions were available for financial amenities in the IBM Cloud.
Conclusion
The stock of AVCT is 39% up from the past month. Although the stock is showing the declining trend in the aftermarket, yet the investors are optimistic about the stock may rise because of the company’s strong policies. The reason of the dipping of stock in the afterhours is uncertainty in the market.
