This morning it is quite likely that investors are going to be focussed on the VaporBrands International (OTCMKTS:VAPR) stock in light of the massive 67% gain that it delivered yesterday. In order to get a better idea about the magnitude of the gains made yesterday, it could be worthwhile for investors to take a look into the news.
Trading Data
On Wednesday, VAPR stock soared 67.10% to $0.0132 with more than 13.06 million shares, compared to its average volume of 68K shares. The stock moved within a range of $0.0100 – 0.0204 after opening trade at $0.0100.
VAPR Acquires E-Cite Motors an EV Auto Manufacturer with a Key Advantage over Others – New Corporate Direction
VaporBrands announced yesterday that that it had completed the acquisition of the company E-Cite Motors, which is involved in the manufacturing of electric vehicles. The acquisition is the first step towards a move into the electric vehicle industry for VaporBrands.
Earlier on the company had been involved in the CBD and vaping space. However, it was announced yesterday that VaporBrands had decided to stop all its business activities in that particular sector and has decided to look into opportunities in the electric vehicle industry.
In addition to that, the company announced that it was also going to be involved in the development of the turnkey road legal vehicles that are offered by E-Cities. It is going to be interesting to see if the stock can manage to add to its gains today or if there is any kind of correction due to profit booking.
Technical Data
VAPR stock is trading above the 20-Day and 50-Day Moving averages of $0.0066 and $0.0070 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0122.
