To no one’s surprise, technology remains everyone’s favorite, so it’s no shock that today features a small-cap all-star making major-league hay.
The tech sector in New York gained 1%, while in Canada, techs slipped 0.1%.
Santa Clara, Calif.-based embedded software maker Borqs Technologies, Inc. (NASDAQ: BRQS) told investors far and wide it has received a purchase order of more than $15 million U.S. to supply mobile point of sale (POS) IoT devices for the India market.
Borqs designed and developed the POS IoT device with key technologies which will work particularly for the India market, including the latest radio bands, payment methods, etc. The POS device has passed global mobile payment certifications and India mobile operator certifications.
In its news release Monday, Borqs couldn’t resist a little boasting, saying it expects the mobile POS market to grow very rapidly.
The agency known as Statista appears to back it up, "Transaction value in the Mobile POS Payments segment in India is projected to reach $11,594 million U.S. in 2020. Transaction value is expected to show an annual growth rate (CAGR 2020-2024) of 42.5% resulting in a projected total amount of $47,749 million U.S. by 2024. The number of users is expected to amount to $359.6 million by 2024."
BRQS tied one on over lunch hour, its shares spiking 61 cents, or 70.1%, to $1.50, on volume of 91.4 million shares.
In Toronto, Hire Technologies Inc. (TSX-Venture: HIRE) announced it has closed its non-brokered private placement offering. put out earlier this month, of 9% unsecured convertible debentures for aggregate gross proceeds of $2,419,000.
CEO Simon Dealy commented: "We had overwhelming interest for this round of financing, including from our board of directors and officers. The proceeds will help us fund additional acquisitions, make strategic investments, and provide working capital to our operating companies, putting us in a good place to execute on our strategy for the remainder of 2020."
HIRE shares went, well, higher, two cents, or 5.1%, to 41 cents, while volume topped 107,000.
