This morning many investors are expected to look into the stocks which made considerable gains last week and one of the stocks which could come into focus is that of NextPlay Technologies Inc (NASDAQ:NXTP).
While it is true that there was no specific news about the company last week, the NextPlay stock moved strongly. This past Friday the stock delivered gains of 23% and that took its gains for the whole of previous week to as much as 65%. In light of such gains, it could be a good time to have a look at a development from back on September 28.
On that day, NextPlay announced that it had signed a Preferred Stock Exchange Agreement with NextBank International Inc. It should be noted that NextBank had previously gone by the name International Finance Enterprise Bank Inc and it currently a fully owned subsidiary company of NextPlay.
As per the terms of the agreement between the two parties as many as 5,070,000 shares of its restricted common stock were exchanged for a total of 10140 Series A preferred shares of NextBank. The total face value of the NextBank shares stood at $10,140,000 at the time.
