Most investors are expected to look into those stocks which may have made significant gains on Tuesday and one of the stocks that could be in focus this morning is that of Jones Soda Co (OTCMKTS:JSDA). The stock had come into sharp focus yesterday following an announcement from the company and clocked gains of as much as 16% as a consequence.
Trading Data
On Tuesday, JSDA stock surged 16% to $0.58 with more than 445k shares traded, compared to its average volume of 80K shares. The stock moved within a range of $0.5200 – 0.6000 after opening trading at $0.52.
Jones Soda Co. Completes Acquisition of Canadian Reporting Issuer and $11 Million in Concurrent Financings in Connection
The company announced yesterday that it had been successful in completing the transaction with regards to the acquisition of all the outstanding and issued shares in the company Pinestar Gold Inc. The acquisition was completed as per a plan of arrangement under the provisions of the Business Corporations Act.
In this particular arrangement, Pinestar assumed all the obligations with regards to the Pinestar Gold shares. It was a major new development for the company and more importantly, the Canadian Securities
Exchange also provided the conditional approval for the same. However, the final approval before the listing of the Jones Shares will be awarded when some specific conditions are fulfilled. At this point in time, it may be a good move from investors to keep an eye on the stock and watch the price action.
Key Quote
“By completing the Arrangement and Concurrent Financing we have taken a significant step towards the implementation of the Company’s planned expansion into the cannabis sector. The proceeds from the Concurrent Financing will be used towards the development of the Company’s planned Cannabis-infused beverages and edibles business line and the acquisition of Pinestar has enabled us to become a public reporting company in Canada,” said Mark Murray, President and Chief Executive Officer of Jones.
Technical Data
JSDA stock is trading below the 50-Day and 200-Day Moving averages of $0.64 and $0.69 respectively. However, the stock is trading above the 20-Day moving average of $0.55.
