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What Drove The NMGC Stock Up 563% On Monday?

PRGS Stock

PRGS Stock

NeoMagic Corp (OTCPink: NMGC) closed its last trading day up 563.37 percent at $0.0670, and has been trading in a $0.2000 to $0.0219 range. This month, the NeoMagic stock surged over 71.79%; the average volume was 245.12K shares for the month.

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Over a three-month period, NMGC stock gains over 1710.81% while volume stands at 145.54K. NMGC stock gained more than 1413.5% over the last 12 months, reaching the high of $0.200 with a $5.94 million market cap. For the launch of an online program initiated by its wholly owned subsidiary, the NMGC stock soared.

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What has happened?

NeoMagic is based in Silicon Valley and is a leader in embedded DRAM and System on Chip (SOC) technology. NMGC products combine complex logic, memory, and analog circuits into single-chip solutions, designed to take advantage of the smallest form-factor, lowest power consumption, and best multimedia performance. MercadoMagico has been owned and operated by NMGC.

MercadoMagico, the e-commerce platform owned by NeoMagic, has launched an online Business Incentive Program designed to incentivize importers, manufacturers, and distributors, announced the NMGC in a yesterday press release.

A business that puts up an online store and enrolls as a seller (vendor) on MercadoMagico from April 5 through September 1, 2021 will be exempt from listing and commission fees. MercadoMagico has a Vendor Account form available for new sellers to fill-out.

The manufacturing and business communities continue to be compromised by an outbreak of the pandemic, and MercadoMagico would like to reaffirm its support and commitment to them, said David Tomasello, Chairman of NeoMagic Corporation.

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What NMGC intends?

It is imperative that MiMagic products are monetized, and NeoMagic (NMGC) intends to acquire companies in order to grow revenues, profits, and shareholders, and facilitate a return to full-time financial reporting.

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