This morning there have been many stocks that have managed to deliver strong gains and one of the most intriguing rallies has been seen in the Vortex Brands Co (OTCMKTS:VTXB) stock, which has clocked gains of as much as 27% so far.
Despite the significant gains made by the stock, it ought to be noted that there has been no news that may have caused this remarkable rally. In this situation, it may be a good idea for investors to take a look at some of the recent news about the technology holding company and the nature of its operations.
The company is mainly involved with the cryptocurrency sector and specifically in the lucrative Bitcoin mining space. One of the more significant developments with regards to the company took place back on February 16 when it announced that it had managed to complete the acquisition of as many as 5 new S19j Pro (1OOth) for strengthening its Bitcoin mining activities. At the time it was announced that Vortex expected the machines to get online at some point in March. Additionally, it was the third purchase of mining equipment for the Vortex brand in 2022 up until at that point.
It was an indication of the fact that the company was looking to expand its operations in the Bitcoin mining space considerably. Prior to that, the company had made another significant announcement that may have had an effect on the stock as well. Vortex announced on February 4 this year that it was going to go for a forward split of its shares. According to the terms of the forward split, investors were going to get 25 new common shares in Vortex for each share that they already held. Shareholders of record as on February 28, 2022 were entitled to the exchange.
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