CoroWare Inc. (OTCMKTS:COWI) Stock Suddenly Soars 40%: Here is Why

CoroWare Inc. (OTCMKTS:COWI) was up 40% after announcing a corporate name change to CarbonMeta Technologies Inc. The name change was effected on November 8, 2021, to reflect the change to focus on resource reclamation.

Trading Data

On Monday, COWI stock soared 40% at $0.0007 with more than 256.10 million shares, compared to its average volume of 167.71 million shares. The stock has moved within a range of $0.0005 – 0.0007 after opening the trade at $0.0006                 .

Announces Name Change to CarbonMeta Technologies

The company implemented the name change after majority shareholders gave consent on July 27, 2021, and FINRA approved the change on November 5, 2021. CEO CarbonMeta TechnologiesLloyd Spencer said that the name change reflects the company’s change in focus on developing solutions and technologies for organic wastes processing into high-value products.

Spencer added that the company’s emphasis would be plastic waste recycling that can help reduce plastic waste flow into the environment that is currently a crisis globally. The company’s shares will continue trading on OTC markets under ticker COWI. The Woodinville Washington-based company wants to produce organically sustainable carbon and hydrogen products. The company‚Äôs subsidiary based in the UK CarbonMeta Research will develop the tech and solutions to produce hydrogen and carbon products.COWI is worth watching in the coming days

Key Quote

“The name change reflects our focus on the development of technologies and solutions for processing process organic wastes into high-value carbon products,” said Lloyd Spencer, chairman and CEO of CarbonMeta Technologies. “CarbonMeta’s focus will include plastic waste upcycling that can help combat the flow of plastic waste into our environment which has reached crisis proportions worldwide.”

Technical Data

COWI stock is trading above the 20-Day and 50-Day Moving averages of $0.0006 and $0.0007 respectively. However, the stock is trading below 200-Day moving average of $0.0011. The stock is down 36% in the past 3-month.