Israel’s Medigus soars 44% premarket after saying it will buy electric vehicle IP and patent

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Shares of Israeli tech company Medigus Ltd.
MDGS,
+1.32%

soared 44% in premarket trade Friday, after the company said it’s struck a deal to expand its electric vehicle operations. The company has agreed to acquire intellectual property and know-how that includes a patent for electric vehicles’ wireless robotic charging pad. “The new technology is a wireless charging system platform that can automatically self-align itself with a vehicle that requires electric charging,” the company said in a statement. The company is paying $75,000 for the IP and patent and plans to invest an additional up to $150,000 to develop the technology. The stock closed Thursday at $2.30. The stock move mirrors similar trends seen when companies make any announcements regarding EVs in recent trade. Tesla Inc.
TSLA,
+7.94%
,
for example, has gained a stunning 780% in the last 12 months, while the S&P 500
SPX,
+1.48%

has gained 17.5%.



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