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

If you liked this article you might like

8 Stocks Under $10 Soaring Higher

5 Stocks Set to Soar off Bullish Earnings

FSI International, Sealy's: Early Volume Plays

FSI International, Sealy's: Early Volume Plays

Cell Therapeutics, Zoom Technologies: Midday Volume Plays

Cell Therapeutics, Zoom Technologies: Midday Volume Plays