WeTrade Group, Inc. (NASDAQ: WETG), a leading provider of technical services and solutions in mainland China’s social e-commerce sector, is experiencing a remarkable surge in premarket trading following an extraordinary take-off yesterday, where its stock price soared by a staggering 85%.
With its innovative YCloud platform and expanding operations, WeTrade Group is captivating investors’ attention and fueling expectations for continued growth.
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WETG’s Suspicious Take Off
WeTrade Group, Inc. (WETG) is witnessing a fierce battle between bearish shorters and bullish market participants, with the bulls emerging victorious and driving a substantial 43% surge in pre-market trading.
This unexpected surge comes as a surprise considering the moderate Relative Strength Index (RSI) and the lack of strong momentum trends to justify such a dramatic rise. Consequently, skepticism looms over the sudden take-off of this Chinese stock, leaving investors and market observers questioning the underlying factors behind this significant price movement.
Non-Compliance Notification for WeTrade Group
WeTrade Group announced that it has received a notice of noncompliance from Nasdaq for failing to file its 2022 annual report on time with the SEC. The company has 60 days to submit a plan to regain compliance, and if accepted, it may have up to 180 days to meet the filing requirement.
The receipt of the non-compliance notice does not result in an immediate impact on the company’s common stock listing on the Nasdaq exchange. WeTrade is currently working on preparing the compliance plan and finalizing the financial statements, which will be submitted as soon as possible.
Conclusion
WeTrade Group, Inc. continues to captivate investors with a significant premarket surge following an astounding price rise of 85% yesterday. However, concerns arise as this surge lacks strong momentum indicators, leaving skeptics questioning the driving forces behind the sudden surge.
Meanwhile, WeTrade Group faces a non-compliance notice from Nasdaq for failing to file its 2022 annual report on time, further adding concerns for speculators on the WETG stock.
