Glory Star Shares Are Trading Higher As It Plans To Acquire YMT E-commerce Platform

Chinese digital media platform and e-commerce company Glory Star New Media Group Holdings Ltd GSMG inked a non-binding letter of intent to acquire Chinese integrated cross-border e-commerce platform YMT Holding Limited.
YMT will become a wholly-owned subsidiary of Glory Star under the arrangement.
Glory Star can help YMT achieve more high-quality customers and improve user stickiness, stated Glory Star CEO Bing Zhang. Simultaneously, YMT can provide CHEER e-Mall and other Glory Star subsidiaries with efficient global supply chain management and easy access to high-quality and globally-sourced consumer goods, added Zhang.
The financial terms of the transaction were not disclosed.
Glory Star held $17.7 million in cash and equivalents as of Dec. 31, 2020.
Price action: GSMG shares traded higher by 8.68% at $4.38 in the premarket session on the last check Tuesday.