Greenpro Capital (NASDAQ:GRNQ) stock is rocketing higher on Monday thanks to satellite news from one of its incubated companies.

Let’s dive right into the most recent GRNQ stock below!

  • Greenpro Capital’s Angkasa-X successfully been admitted as an ITU-R member.
  • This has it filing for permission to send its satellites into Low Earth Orbit (LEO).
  • That has it executing its Financial Advisory Agreement with BOA Investment Services Limited.
  • BOA Investment Services Limited is a wholly-owned subsidiary of Bank of Asia.
  • This also has it appointing BOA as a long term financial partner.
  • That will have it helping raise funds for Angkasa-X to set up ASEANLINK LEO Satellite Constellations.
  • This matters to holders of GRNQ stock as the company owns 28 million shares in Angkasa-X.
  • It’s also intending to list the shares in the U.S. via an initial public offering (IPO) in the coming months.

Lee Chong Kuang, president and CEO of Greenpro Capital, said the following about the positive news for GRNQ stock today.

“We are proud that Angkasa-X is set to become a SpaceTech Unicorn with its vision aligned with the United Nations SDGs, to provide satellite connectivity services to serve the 670 million Southeast Asia mass populations.”

GRNQ stock is experiencing heavy trading as of Monday afternoon. As a result, some 195 million shares of the stock have changed hands. That’s an impressive leap over its daily average trading volume of roughly 8 million shares.

GRNQ stock was up 84.5% as of Monday afternoon.

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This article originally ran on investorplace.com.