Why Zoom Technologies (ZOOM) Is Soaring Today

Update (4:27 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.

NEW YORK (TheStreet) -- Zoom Technologies ZOOM soared 18.37% to $5.09, up 79 cents from its previous close of $4.30, at the close of the trading day on Thursday after the company announced it had signed a letter of intent to acquire Tinho Union Holding Group.

The stock had a volume of 1,376,327, nearly 10 times its average of 138,579. It hit a high of $6.15 and a low of $5.01 for the day.

The company plans to acquire all the outstanding shares of Tinho by issuing approximately 9.4 million new shares of its common stock at $8.6505 per share to the shareholders of Tinho, a B2B e-commerce platform provider for the travel industry in China.

Current Tinho shareholders would own approximately 75% of Zoom's ownership interest once the two sides finalize the deal.

ZOOM Chart

ZOOM data by YCharts

More from Stocks

Tilray and Other Pot Stocks are Smokin' Hot Again

Tilray and Other Pot Stocks are Smokin' Hot Again

Dunkin' Donuts Drops 'Donuts' from Its Name (But Not Its Shelves)

Dunkin' Donuts Drops 'Donuts' from Its Name (But Not Its Shelves)

Bonds at Important Level as Market Awaits Fed Decision

Bonds at Important Level as Market Awaits Fed Decision

A Rally in This Sector Could Push the S&P 500 to 3,000

A Rally in This Sector Could Push the S&P 500 to 3,000

Striking Options: Fed, S&P 500, Crude Oil

Striking Options: Fed, S&P 500, Crude Oil