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BAIYU Holdings, Inc. (NASDAQ:BYU) shares are experiencing significant downward movement Wednesday, following the company’s announcement regarding a strategic partnership.

Why is it moving; BAIYU Holdings’ stock dropped after the company revealed that its subsidiary, Shenzhen Jintongyuan Energy Storage Technology Co., signed a Letter of Intent (LOI) with Adler International. This LOI outlines plans for the construction and operation of 365 charging and battery swap stations in Cairo, Egypt.

Recap:

• Project Scope: The LOI includes the planning and renovation of 365 charging and battery swap stations, with an initial investment of $1.5 million per station, totaling $547.5 million. The project is fully funded by the Egyptian government.
• Strategic Goals: This partnership emphasizes BAIYU's global expansion in energy storage, with Jintongyuan providing the technology and overseeing the project.
• CEO Statement: Ms. Ouyang Renmei, CEO of BAIYU, expressed excitement over this development, which aligns with the company’s broader strategy in the renewable energy space.

BYU Price Action: Baiyu shares were down by 73.0% at $1.50 according to Benzinga Pro.

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Image: Shutterstock/ solarseven.