It was a great day in the markets for investors in Greenlite Ventures Inc (OTCMKTS:GRNL) as the company’s stock came into focus in a big way and ended up with gains of as much as 22% amidst significant interest. The rally in the stock came about after Greenlite announced that it had gone into an asset purchase agreement with Artinian LLC. Artinian is actually the parent company of Game Time Bands and Game Time Watches.
On Thursday, GRNL stock gained 22.17% to $0.6597 with 118.84K shares, compared to volume of 10.34K shares. The stock moved within a range of $0.5399 – 0.7199 after opening trade at $0.5400.
Greenlite Ventures Completes First Acquisition
In this regard, it should be noted that Game Time is one of the major players in the licensed sports watches space and at this point in time, it holds licensing agreements with NASCAR, MLB, NFL, NHL and WWE. It also holds similar agreements with other leading brands and athletes.
In the last quarterly disclosure made by Greenlite, the company noted that the acquisition of Game Time was a subsequent event and would remove the shell company designation from Greenlite. Once the transaction is completed, Greenlite would be doing business as Game Time Productions.
It would also change its name and stock ticker symbol formally once the transaction is completed. It now remains to be seen if the stock can hold on to its momentum and continue to add to its gains today or not.