American Virtual Cloud Technologies, Inc. (AVCT) stock surged 20.00% in the pre-market trading session at the price of $2.28 despite no fundamental reason. AVCT provides premier global technology solutions with a superior consumer experience. The company offers an exclusive bundle of unified cloud communications, enhanced connectivity, cybersecurity, and managed services.
Kandy Expanded PSTN Replacement Services
On 15th December 2021, AVCT’s Kandy Communications business announced that its Public Switched Telephone Network replacement services are now available in China and Brazil. This extension has brought the total number of countries serviced by the PSTN replacement network to 40.
With this expansion, Kandy now offers its replacement services to countries representing 78% of the global GDP. Additionally, it provides Toll-free services to 105 countries and Inbound DID services to 87 countries with over 90% of global GDP.
PSTN replacement services facilitate enterprises to seamlessly relocate their telephony networks to cloud-based solutions, including CCaaS, UCaaS, CPaaS, and Microsoft Teams Direct Routing. The provided services include local numbers, local dial tone, domestic calling, local number porting, local emergency services, local toll-free, and Lawful Intercept.
President of Kandy, Chuck Canton, remarked that companies around the globe should connect distributed workforces and clients for better communications and collaboration. It will enhance engagement and improve business efficiency. With this expansion to China, they will provide first-class telephony services to regional and global customers as they grow their footmark.
This addition strengthens Kandy’s position as an international cloud communications solution provider for channel partners and large business clients. They are eager to grow their portfolio of countries. They will expand access to its services for clients globally, Canton concluded.
AVCT Announced Securities Purchase Agreement
On 14th December 2021, ACVT reported signing a securities purchase deal to sell its equity securities to an institutional investor. The initial gross proceeds from the sale will be $25 million. The transaction may provide roughly $76 million of gross proceeds to the company after the completion.