Sunstock (OTC: SSOK) saw a 204.17% rise as its market cap reached $24.38M with a closing price of $0.0073. Recently, the Sunstock stock traded 615.18M shares, which is significantly higher than its average daily volume of 54.72M. In addition, the SSOK stock has been trading in a range of $0.0028 to $0.0081. 2.78M shares of float exist at pink sheets firm, as compared to 3.33M shares outstanding. News of expanding its retail business caused the SSOK stock to surge higher on Friday.
What was the expansion plan?
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As a leader in a precious metal business firm, Sunstock operates through trading and distributing precious metals with a primary focus on gold. Using its wholesale and retail channels, the Company uses gold and silver to market its coins, primarily through its own brand.
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Sunstock announced Friday that it will open a second and larger storefront on the East Coast. Customers and investors buy gold and silver coins from Mom’s Silver Shop, the Company’s current store in Sacramento.
This store’s continuous growth in both foot traffic and product demand prompted management to consider opening another location. Sunstock is exploring the possibility of moving its headquarters to a region with a greater demand but a lower sales tax than California.
The company plans to expand its offerings in the Sacramento area through the selling of precious metals to other retailers, while also building its inventory of precious metals, in addition to continuing to operate Mom’s Silver Shop.
To better accommodate more customers and a wider array of inventory, it is better for SSOK to open a larger location as investing in the best opportunities suited will benefit Sunstock (SSOK) as well as its shareholders.