09:42 AM EDT, 10/17/2024 (MT Newswires) -- Nixxy ( NIXX ) said Thursday it has signed a letter of intent to acquire a private wholesale gifts business, with the preliminary target valuation estimated at $6 million.

The target is projected to record a gross merchandise volume of $66 million with $10 million in net revenue for 2024, pending its successful acquisition and integration, Nixxy ( NIXX ) said.

The company said more details about the target are expected to be announced as due diligence is completed, expected within the next seven days.

Nixxy ( NIXX ) shares soared nearly 200% in recent Thursday trading.

Price: 7.10, Change: +4.73, Percent Change: +199.58