American Virtual Cloud Technologies, Inc. (AVCT) is a leader in providing IT-based solutions. The services provided by the company include unified cloud communications, improved connectivity, cybersecurity, and enterprise networking.
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AVCT stock price during the regular trading of March 16, 2022, swell by 3.99% to be $0.74. Its price further inclined at the time of writing in the premarket session on March 17, 2022, by 7.36%.
AVCT: Events and Happenings
On March 16, 2022, AVCT reported the successful completion of the sale of its Computex Technology Group business to Calian Group Ltd. With this step, the company has completed its transition towards a pure-play cloud communications and partnership company, based on its best Kandy portfolio. The earnings from the sale authorize the company as debt-free.
On March 01, 2022, AVCT announced the availability of IPTF Click-to-Connect to AT&T IP Toll-Free clientele. Along with Kandy, AT&T is serving more businesses with the capability to renovate their client-based experience.
On February 28, 2022, AVCT updated on its entry into a securities acquisition contract with an institutional investor for the sale of equity securities. The gross proceeds from the sale will be approximately $15 million primarily.
AVCT: Key Financials
On November 12, 2021, AVCT issued its quarterly financial statement for the third quarter ended September 30, 2020. Some key features are discussed below.
Total revenues in the third quarter of the fiscal year 2021 were $27.5 million versus $25.9 million for the same three months of 2020. The company’s total revenues increased by $1.54 million over the year.
Basic and diluted per share net loss during the third quarter of 2021 was $37.3 million or $1.20 against $5.62 million or $0.29 in the comparable three months of 2020. The company’s EPS declined sharply over the year.
AVCT stock moved to a new low of 88% in the past year due to the economic impact of the pandemic. Its recent stock position is better as compared to the past as the company updated the fruitful closure of the sale its business. Its stock price rose in the premarket session after the company’s announcement.