As previously reported by AfroTech, the company — led by co-founder and CEO Danyel Surrency Jones — announced its merger with PH Innovation Holdings, Inc. in 2021.

Now, slightly over a year later, PH Innovation Holdings has announced it has received a multimillion-dollar capital injection from Vanguard Holdings Group, according to a press release shared with AfroTech.

The group’s private tender offer (financial details were not disclosed) will “purchase all of the issued and outstanding shares from the minority shareholders in PHI providing liquidity to the longstanding stockholders of POWERHANDZ and PHI.”