04:54 PM EDT, 08/23/2024 (MT Newswires) -- Prestige Wealth ( PWM ) said Friday it agreed to acquire SPW Global for $4.5 million, subject to customary closing price adjustments.

The Hong Kong-based wealth and asset management company said it will pay $3 million in cash for the acquisition.

The balance of $1.5 million will be settled with Prestige Wealth ( PWM ) issuing 1.9 million of its class A ordinary shares and 500,000 class B ordinary shares to the undisclosed seller and key employees of Wealth AI, which is wholly owned by SPW.

Prestige Wealth ( PWM ) expects the transaction to close in Q4.

Prestige shares surged nearly 78% in recent after-hours activity.

Price: 1.3400, Change: +0.59, Percent Change: +77.72