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.