Home Financial Markets Penny Stocks What Caused The WOWI Stock To Skyrocket 1200% On Tuesday?

What Caused The WOWI Stock To Skyrocket 1200% On Tuesday?

At the last close, Metro One Telecommunications Inc (OTC: WOWI) closed at $0.1170, after an impressive gain of 1200.00% that increased the company’s market capitalization to $0.73M. Recent trading of 1.18M shares in Metro One stock exceeded the average daily trading volume of 49.64K shares.

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With a total of 6.23M shares outstanding, the WOWI stock has traded between $0.0170 and $0.1900. WOWI stock surged following a winning bid by one of its subsidiaries to acquire assets in an insolvency proceeding.

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The bid was for what?

Metro One is a major call center and data management services, provider. WOWI provides contact center services, data analytics, and related services, including inbound and outbound contact centers. WOWI was founded in 1989 with its headquarters in Beaverton, Oregon. Throughout the years, WOWI has provided both live operators and electronic means for information services and Enhanced Directory Assistance.

Stratford Ltd., the wholly-owned Israeli subsidiary of Metro One, received formal notification from the Lod District Court in Israel that its winning bid had been approved, as announced the Metro One in a press release on Tuesday.

  • The bid was made to acquire assets out of insolvency proceedings of Royal App Ltd.
  • It was won for approximately US$2.4 million in cash, as well as a controlling interest in Stratford.
  • Shelfy, a white-label, headless e-commerce platform created by Royal App enables retailers and FMCG companies to become growth companies. Royal App, based in Israel, created it.
  • Using artificial intelligence and machine learning, Shelfy enhances online shopping metrics through mobile phones for leading food and grocery chains, as well as major food and grocery retailers.

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Finally,

Metro One (WOWI) is seeking institutional investors and family offices to provide $3.5 million of financing in the form of puttable Simple Agreements for Future Equity (‘Safes’) to finance the acquisition and working capital. WOWI anticipates that the acquisition will close next month.

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