Medical Care Technologies Inc (OTCMKTS:MDCE) Stock Surges After Announcing a Key Acquisition

This morning most investors are going to take a look into stocks which had managed to notable gains yesterday and one of the stocks which is going to be in focus is expected to be that of Medical Care Technologies Inc (OTCMKTS:MDCE).

Trading Data

On Wednesday, MDCE stock jumped 8.96% to $0.0073 with more than 1.71 million shares traded, compared to volume of 1.13 million shares. The stock moved within a range of $0.0062 – 0.0080 after opening trading at $0.0066.

Medical Care Technologies, Inc. Announces Agreement to Acquire Sports Memorabilia Company Infinite Auctions LLC

The company in the news yesterday after it announced that it had signed an agreement with regards to the 100% acquisition of the membership units of sports memorabilia of the company Infinite Auctions LLC. The news came as a source of significant optimism for investors as can be seen from the rally in the Medical Care stock.

Infinite Auction was founded back in 2015 and is best known for providing an online space for memorabilia collectors. At the same time, athletes can also sell valuable collectibles in online auctions on a secure platform. The Chief Executive Officer of Infinite Auctions, Marshall Perkins, who is also the CEO of Medical Care now, spoke about the latest development.

He noted that the business combination could help Medical Care in becoming a player in one of the fastest growing industries in the world at this point. He went on to note that Medical Care had some exciting new promotions lined up.

Key Quote

Mr. Marshall Perkins, CEO of Infinite Auctions and new CEO of MDCE, stated, “This business combination should allow us to take full advantage of one of the fastest growing industries in the world. We have some really exciting new growth initiatives lined up and we look forward to sharing them with our shareholders.”

Technical Data  

MDCE stock is trading above the 20-Day and 50-Day Moving averages of $0.0066 and $0.0057 respectively. However, the stock is trading below the 200-Day moving average of $0.0074. The company has a total market capitalization of $21.6 million.