If you are looking into those stocks which may have managed to clock significant gains on Wednesday, then you could start with the Energy and Water Development Corp (OTCMKTS:EAWD) stock. The engineering firm, which is involved in the delivery of sustainable solutions in the fields of energy and water, saw its stock soar by as much as 36% on Wednesday.
Trading Data
On Wednesday, EAWD stock surged 12.36% to $0.2250 with more than 122k shares, compared to its average volume of 61K shares. The stock moved within a range of $0.2000 – 0.2284 after opening trade at $0.20.
Energy and Water Development Corp. Establishes Common Stock Equity Agreement to Support its Growth
The stock soared after Energy and Water Development Corp announced yesterday that it had signed a stock purchase agreement and also registration rights agreement with an institutional investor. In exchange for this agreement, the institutional investor is going to be issued with $5 million worth of shares in the company.
However, in this context, it ought to be noted that the $5 million worth of shares are going to be issued by Energy and Water Development Corp over a period of 24 months. Outside of this agreement, the institutional investor had also made an investment of as much as $300,000 at the market price of the Energy and Water Development Corp stock.
The development was a significant one and it is now going to be interesting to see if the stock can continue to add to its gains today.
Key Quote
Ralph Hofmeier, Chief Executive Officer of Energy and Water Development Corp., stated, “I want to reiterate that this investment is a step up for us, as the upfront capital of $300,000 is substantial for us to continue to grow our sales and it is in common stock equity at a fixed price. Of note, the common stock equity agreement will provide us additional growth capital to increase our sales and is at our control and discretion in regards to the amounts and timing. We believe this financing is not dilutive to current shareholders and enhances our value by increasing our cash and shareholder equity positions over time. It better positions us toward our capital markets goal for 2022-23 of an uplist to a major U.S. national exchange.”
Technical Data
EAWD stock is trading above the 10-Day and 20-Day Moving averages of $0.22 and $0.20 respectively. Moreover, the stock is above the 50-Day moving average of $0.22.
