Israeli Medigus soars 44% before market launch after announcing it would buy intellectual property and patent for electric vehicle

Shares of Israeli tech company Medigus Ltd. MDGS,
+ 1.32%
On Friday, the company said it had reached an agreement to expand its electric vehicle business. The company has agreed to acquire intellectual property and know-how which includes a patent for the robotic wireless charger for electric vehicles. “The new technology is a wireless charging system platform that can automatically self-align with a vehicle requiring an electric charge,” the company said in a statement. The company pays $ 75,000 for the intellectual property and patent and plans to invest up to an additional $ 150,000 to develop the technology. The stock closed Thursday at $ 2.30. The stock movement reflects similar trends seen when companies make announcements about electric vehicles in recent exchanges. Tesla Inc. TSLA,
+ 7.94%,
for example, gained 780% in the last 12 months, while the S&P 500 SPX,
+ 1.48%
gained 17.5%.