Prestige Wealth Stock Soars 105% As It Acquires Wealth AI for $4.5M

Tiger Newspress08-26

Wealth management company Prestige Wealth said on Friday it has entered into an agreement to buy AI driven wealth management company Wealth AI for $4.5M.

Prestige Wealth has entered into an agreement to buy all shares of SPW Global which in turn owns Wealth AI.

Out of the $4.5M purchase price, the company will pay $3M in cash and the remaining $1.5M in shares.

Prestige Wealth shares sored 105.3% in morning trading Monday.

Wealth AI’s key employees will be retained and continue to be employed after the closing of the transaction which is expected in the fourth quarter of 2024.

The acquisition will aim to strengthen PWM’s technology in the Artificial Intelligence space to provide AI-driven wealth management solutions to its customers.

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