Asia Broadband Inc. (OTCMKTS:AABB) jumped 27% no news. The company recently revealed that it continues to attain several development milestones earlier as it builds a proprietary crypto exchange. Following the AABBG gold-backed token launch in March, the company has been developing its proprietary crypto Exchange.
With the Exchange AABB wallet, users will easily complete two-way transactions to exchange AABB Gold tokens for other cryptos like Ethereum and Bitcoin. Also, the novel exchange will add considerable to transaction fee earnings and enable price appreciation for the token beyond gold’s price boosted by limited token supply and market demand for available tokens.
The company also announced that its board of directors and management had completed the return and retirement of 120 million restricted shares to its treasury. Notably, the total outstanding shares reduction was 13 million more than the previously approved share reduction of 107 million. In addition, the efforts by the company to create shareholder value results in agreements with various third-party stockholders to retire around 120 million shares. Following these developments, AABB is worth watching in the coming days.
Market Reaction:
On Thursday, AABB stock soared 27% at $0.1441 with more than 44.49 million shares, compared to its average volume of 20.22 million shares. The stock has moved within a range of $0.1250 – 0.1449 after opening the trade at $0.1305.
