On Thursday, the BioPower Operations Corporation (OTCMKTS:BOPO) stock emerged as one of the biggest gainers in the market as it clocked gains of a staggering 501%.
Although investors piled on to the stock in a big way on Thursday it is also necessary to note that there was no news at all about the company that could have set off such a rally. While it is true that the rally may appear speculative in nature to most investors, it might still be a good idea to take a look at a development with regards to BioPower from back in July.
At the time the company announced that signed an asset purchase agreement by way of which BioPower was able to acquire some specific assets that belonged to HyFi Blockchain Technology. The acquisition in question was completed on June 29, 2021. In this regard, it should be noted that BioPower was actually paid as much as $300000 for the acquisitions.
More importantly, it was also announced at the time that the money was going to be used by BioPower to become a fully reporting company with the United States Securities and Exchange Commission. Investors could do well to keep an eye on any news regard the company over the coming days.
