Treasure Global Inc. (NASDAQ:TGL) shares jumped 31.58% to $3.50 in after-hours trading on Tuesday following a Securities and Exchange Commission filing that disclosed the innovative Malaysian e-commerce platform entered a $2 million software enhancement agreement.
Old Contract Scrapped, New Deal Signals Fresh Direction
According to the Tuesday filing, Treasure Global on Monday signed the deal with Hong Kong-based Keen Success Technology Ltd. to develop and enhance Tazte, the company’s food application platform operating in Malaysia.
Payment may come as cash, TGL stock, or a mix of both, paid out according to project milestones outlined in the agreement.
The announcement came alongside news that TGL subsidiary TADAA Technologies mutually terminated a prior RM11.7 million ($2.88 million) agreement with Malaysian private limited technology and software research and development company Apexcode Innovations, originally inked in March.
Trading Metrics, Technical Analysis
Treasure Global has a market capitalization of approximately $5.20 million. Its stock has traded between a 52-week high of $57.79 and a 52-week low of $2.59.
TGL’s Relative Strength Index (RSI) stands at 34.31.
Over the past 12 months, the share price has declined by 90.15%.
The small-cap stock is currently trading very close its lowest level over the past 52 weeks.
TGL’s long-term trend and weak market position suggest that the stock may continue to face pressure.
Price Action: TGL closed the regular session at $2.66, down 6.67%.
Benzinga’s Edge Stock Rankings indicate TGL stock has a negative price trend across all time frames.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Wahyu Aditya147 on Shutterstock.com
Login to comment