Prestige Wealth acquires Wealth AI for $4.5M, shares soar

Wealth administration firm Status Wealth (NASDAQ:PWM) stated on Friday it has entered into an settlement to purchase AI pushed wealth administration firm Wealth AI for $4.5M. Status Wealth has entered into an settlement to purchase all shares of SPW International which in flip owns Wealth AI. Out of the $4.5M buy worth, the corporate pays $3M in money and the remaining $1.5M in shares. Status Wealth (PWM) shares have been up about 80.3% in after-hours buying and selling. Wealth AI’s key workers might be retained and proceed to be employed after the closing of the transaction which is anticipated within the fourth quarter of 2024. The acquisition will goal to strengthen PWM’s expertise within the Synthetic Intelligence area to supply AI-driven wealth administration options to its clients.