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Dogness (International) Corp has announced a significant expansion of its investment portfolio with the acquisition of a 19.5% equity interest in Dogness Intelligent Technology Co., Ltd. (DITC), a technology company specializing in the pet industry. The transaction was formalized on Sunday, involving an exchange of Dogness’s Class A common shares and warrants.
DITC, based in Guangdong Province, is known for its innovative work in the Internet of Things (IoT) and app platforms, aiming to create a user-centric intelligent ecosystem for pets and their owners. This strategic move allows Dogness to tap into the burgeoning smart pet technology market by integrating DITC’s research and development capabilities.
Under the terms of the agreement, Dogness will acquire the nearly one-fifth stake in DITC for a combination of 250,000 Class A common shares, 1,550,000 pre-funded warrants to purchase additional Class A common shares, and eligibility for up to 2,000,000 maximum warrants. The deal reflects Dogness’s commitment to expanding its presence in the high-tech pet care sector and leveraging synergies between the companies.
The transaction is part of Dogness’s broader strategy to enhance its product offerings and market reach in the global pet industry. The company’s investment in DITC is expected to facilitate the development of new technologies and products that cater to the evolving needs of pet owners worldwide.
This news comes directly from a recent SEC filing by Dogness (International) Corp, as the company fulfills its regulatory requirements to inform the public and its investors of significant corporate actions. The details of the deal were disclosed in a Form 6-K filed with the Securities and Exchange Commission today.
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