After a key announcement from the company earlier on this week on Monday, the WeConnect Tech International Inc (OTCMKTS:WECT) stock managed to make a bit of a recovery yesterday. The stock was on the rise on Tuesday and ended the day with gains of 11%.
However, at the same time, investors need to keep in mind that over the course of the past week the stock is down by as much as 25%. The company announced on Monday that it had entered into a share sale and purchase agreement with Moto America Inc with regards to its common stock.
As per the terms of the agreement, Moto America agreed to pick up as many as 436482690 common shares in WeConnect in addition to 10000000 shares of the Series A Preferred Convertible stock. It was a significant development for the company and perhaps it was not a major surprise when the WeConnect stock moved strongly on Tuesday.
At this point of time, it remains to be seen if the rally in the stock can be sustained and if it can continue to move in the upward direction, thereby wiping away the losses made by the WeConnect stock in the past week.
