Mingteng International Corporation Inc. (NASDAQ:MTEN) shares surged 82.75% to $1.75 in after-hours trading on Tuesday as a Chinese developer and supplier of automotive molds signed a share transfer agreement with Zheng Delin.

What Mingteng Acquired

According to a Tuesday Securities and Exchange Commission filing, Mingteng acquired 100% of HK Phoenix Gateway Alliance Limited, a holding company founded by Delin.

Mingteng said it paid the full $15 million consideration.

The purchase gives Mingteng indirect control of two Chinese companies: Shanghai Shangyun Yingfei Technology Co., a wholly foreign-owned enterprise, and its wholly owned subsidiary, Shanghai Minwen Industrial Co.

Closing conditions included legal, financial and tax due diligence, regulatory consents and no material adverse change. The seller also gave customary warranties on clear share title, financial statements and tax compliance.

Trading Metrics, Technical Analysis

Mingteng International Corporation has a market capitalization of about $7.72 million, with an annual range of $1,175.98 to $0.81. The company has approximately 7.64 million shares outstanding.

MTEN has a Relative Strength Index (RSI) of 41.27.

Over the past 12 months, the stock has fallen 99.91%.

Currently, MTEN is trading very close to its yearly low.

Price Action: The stock closed the regular session on Tuesday at $0.96, down 0.38%, according to Benzinga Pro data.

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