It was a massive day in the markets for investors in Simplicity Esports and Gaming Company (OTCMKTS:WINR) as the company’s stock went on a significant rally to end up with gains of as much as 430% for the day. In light of such a massive move, it could be a good idea to consider taking a look at the development that led to such gains.
On Thursday, WINR moved up 430.16% to $0.1617 with more than 4.10 million shares traded, compared to volume of 108.84K shares. The stock moved within a range of $0.0500 – 0.2600 after opening trading at $0.0600.
Simplicity Esports Signs Exchange Agreement with Software Company Diverted River Technology, LLC
It emerged yesterday that Simplicity Esports had gone into an exchange agreement with Diverted River Technology LLC. As per the provisions of the agreement, Simplicity Esports will acquire the entirety of the membership interests in Diverted River. In exchange, the company will provide 80% of its issued and outstanding shares of its common stock.
The news came as a source of considerable optimism for investors and it is now going to be interesting to see if the Simplicity Esports can continue to add to its gains today or not. The Chief Executive Officer of the company Roman Franklin noted that he was ‘thrilled’ at the possibility of working with the team at Diverted River led by Zack Johnson. It may well be a good time to add the stock to your watch lists at this point.
Roman Franklin, CEO of Simplicity Esports, stated, “I am thrilled with the prospect of working together with Zack Johnson and his incredible team. Their previous company, ggCircuit, had software and services that dominated the esports gaming center industry space. Their experience, relationships, and reputation provide a solid foundation to grow Diverted River into a powerhouse company servicing the technology needs of the broader $35 billion-dollar family entertainment center industry.”
WINR stock is trading above the 20-Day and 50-Day Moving averages of $0.06 and $0.06 respectively. However, the stock is trading below the 200-Day moving average of $2.04. The company has a total market capitalization of $323K.