Mingteng International Corporation (MTEN) Stock Rocketed Nearly 83% After Hours on $15 Million Acquisition Deal

Mingteng International Corporation (NASDAQ: MTEN) shares surged 82.75% to $1.75 in after-hours trading following a $15 million acquisition of HK Phoenix Gateway Alliance Limited. This acquisition grants Mingteng indirect control over two Chinese companies: Shanghai Shangyun Yingfei Technology Co. and its subsidiary, Shanghai Minwen Industrial Co. Despite this surge, MTEN's stock has fallen 99.91% over the past 12 months and is trading close to its yearly low.