India, June 24 -- Fort Technology Inc. (FRTT) shares soared 63.28 percent, gaining $1.12 to $2.89 on Wednesday, after the company announced it signed a non-binding letter of intent for a proposed strategic investment and partnership with Logia USA Inc., a developer of automated fuel maintenance and integrity systems for standby power generation.
The stock is currently trading at $2.89, compared with its previous close of $1.77 on the Nasdaq. During the session, shares opened at $3.14 and traded between $2.72 and $3.92. Trading volume surged to 58.92 million shares, dramatically above the average daily volume of 109,100 shares.
Under the proposed transaction, Fort would acquire 50.1% of Logia USA and provide a credit facility of up to $2 m...