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BAIYU Holdings, Inc. (NASDAQ:BYU) shares are experiencing significant downward movement Wednesday, following the company’s announcement regarding a strategic partnership.
Why is it moving; BAIYU Holdings’ stock dropped after the company revealed that its subsidiary, Shenzhen Jintongyuan Energy Storage Technology Co., signed a Letter of Intent (LOI) with Adler International. This LOI outlines plans for the construction and operation of 365 charging and battery swap stations in Cairo, Egypt.
BYU Price Action: Baiyu shares were down by 73.0% at $1.50 according to Benzinga Pro.
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Posted In: BYU