WPF Holdings Inc (OTCMKTS:WPFHD) Stock Gains Momentum: Here is Why

There were a number of stocks which had managed to make considerable gains on Monday and one of those was the WPF Holdings Inc (OTCMKTS:WPFHD) stock which ended up with gains of as much as 50% amidst heavy interest.

Trading Data

On Monday, WPFHD stock ended flat at $18 with 11 shares, compared to volume of 3.91K shares. The stock moved within a range of $18.00 – 18.00 after opening trade at $18.00.

WPF Holdings Announces Acquisition of Vezbi Super App

The company came into focus among investors yesterday after it announced that it had inked a definitive agreement with regards to the 100% acquisition of the outstanding shares of the firm Vezbi Inc. The transaction had been completed in an all-stock deal as WPF Holdings closed the deal in exchange for 265000000 common shares. At the end of the deal, the shareholders of Vezbi were going to be awarded 10 WPF Holdings common shares for each common share of Vezbi they held.

The share exchange that had been completed was based on the last funding round that had taken place at Vezbi. However, that was not all. WPF Holdings also announced that it was also going to submit a S-1 registration statement and Form 10 with the United States Securities and Exchange Commission in order to uplist the stock to a bigger exchange. Eventually, the company would also go for a change of name and also get a new ticker symbol for its stock.