Touchpoint Group Holdings Inc. (OTCMKTS:TGHI) jumped 115% after announcing the World Championship Air Race acquisition via an asset acquisition agreement. Following the purchase, all key WCAR operational staff and management will join Air Race Limited, Touchpoint’s subsidiary, in a long-term agreement.
Additionally, all major suppliers, participating team deals, and participating host cities will be taken over by Touchpoint. It is vital to note that WCAR is a Red Bull-created race format as Red Bull Air Race was founded in 2003 and has so far hosted around 94 race championship series globally. The race has an audience of more than 230 million viewers across 187 countries, with more than 2.3 billion media impressions globally in its recent season.
Touchpoint will utilize WCAR’s audience engagement experience through the development of an application to boosting audience experience. At the same time, the company will be building revenue-creating verticals for races. Therefore, in the coming months, investors should keep an eye on TGHI.
Market Reaction:
On Friday, TGHI stock surged 114% at $0.0300 with more than 51.48 million shares, compared to its average volume of 2.05 million shares. The stock has moved within a range of $0.0127 – 0.0330 after opening the trade at $0.0137.
