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Is There Any Reason Why SGMD Stock Skyrocketed 83% On Thursday?

PRGS Stock

PRGS Stock

The Sugarmade Inc (OTCPink: SGMD) stock closed up 83.33% in the last session at $0.0055 per share. During the session, the Price of Sugarmade Stock fluctuated between $0.0033 and $0.0060, with 363.73 Million shares trading. Following the announcement of a binding agreement of an acquisition, SGMD stock surged.

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What has the SGMD been acquiring?

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Sugarmade is an operations and technology company looking to disrupt the product and branding marketing industry. SugarRush includes NUG Avenue, Budcars, and among its brand portfolio.

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The Sugarmade announcement on Thursday revealed that it had signed a binding letter of intent to acquire Lemon Glow Company, Inc.

How will the agreement be implemented?

From the effective date of the Letter of Intent (LOI), which is March 28, 2021, Sugarmade (SGMD) has thirty (30) days to close the acquisition. In the form of earnest money, SGMD has already contributed $400K to the acquisition.

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