Inventergy Global Inc (NASDAQ:INVT) shares are trading up huge as the market opens this morning, after the company announced early this morning that they have reached an agreement with one of their patent partners, which will reduce the company’s liabilities by a staggering $17.3 million.
Under the terms of the modified agreement, Inventergy Global Inc (NASDAQ:INVT) will no longer owe any of their guaranteed minimum payments nor the related accrued interest on them to their third party partner. This new agreement will also help the company avoid a $120,000 per month interest expense which it was facing prior to the agreement.
Shareholders this morning are quite happy about this news, as volume on shares of Inventergy Global Inc (NASDAQ:INVT) is already at five times the 3-month average.The stock is up 152.24% or $1.89 following the news, hitting $3.13 per share. About 40,048 shares traded hands. invt has declined 63.53% since June 3, 2015 and is downtrending. It has underperformed the S&P500 by 57.67%.
Inventergy Global, Inc. is an intellectual property investment and licensing company. The company has a market cap of $13.21 million. The Firm offers clients a professional corporate licensing model for IP value creation. It currently has negative earnings. The Company’s intellectual property primarily consists of asset portfolios it has acquired from clients for the purpose of monetizing such patents.