NEW YORK, NY / ACCESSWIRE / December 18, 2018 / Shares of DropCar were on the rise on Monday on the company’s announcement of signing a definitive stock purchase agreement to sell its Suisun Operations for $3.5 million. There was no news to explain why International Paper Company shares fell almost 5% on slightly higher trading volume than usual.
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International Paper Company shares closed down 4.81% on about 5.1 million shares traded. There was no news from paper and packaging company, but it was last month that the company announced that it made a $1 million investment commitment to the University of Memphis’ River City Partnership, which is a collaboration between the University, Shelby County Schools and the Achievement School District. “We believe this initiative meets a critical need for Memphis by ensuring a steady pipeline of well-prepared, culturally competent teachers,” said Alissa Campbell Shaw, executive director of the International Paper Foundation, in a release. It was at the end of October that CEO Mark Stephan Sutton said on the company's third quarter earnings call, "We had solid commercial performance and continued price realization across our 3 businesses. And overall, we see continued healthy demand for our products globally. We are facing cost headwinds from distribution and most of our inputs, but again, we see this as a reflection of the strong economy that we're operating in and the healthy underlying demand for our products."
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DropCar, Inc. shares closed up nearly 6% on Monday with an additional gain of 5.53% in after-hours trading. The stock traded on tremendous volume of roughly 4.6 million shares compared to an average trading volume of around 183,000 shares. Traders were reacting to the provider of last mile logistics technology, mobility services and cloud based software for both the automotive industry and consumers, announcing that it has entered into a definitive stock purchase agreement to sell its subsidiary, WPCS International - Suisun City, Inc. to certain members of the current management team of Suisun Operations. The all-cash transaction is expected to close before the year ends, subject to satisfaction of closing conditions. CEO Spencer Richardson remarked, “We are pleased to announce the signing of this Agreement which will add approximately $3.2 million in non-dilutive cash to the Company’s balance sheet. Paired with the dramatic reduction in our burn by approximately $650k per month as the result of our updated model for consumers and related streamlining efforts in Q3 and into Q4, we believe we’re now in a position where we can focus our full energy and resources on the growing number of deals and opportunities knocking on our front door.”
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