MassRoots, Inc. (OTCMKTS: MSRT) is trading with a double digits rally on Monday. The stock has been witnessing a nice uptrend since mid-march with a jump of 250% in 4-week. Will the Rally continue?
Major Trigger:
MassRoots Appoints Danny Meeks as Chairman of Its Board of Directors
Key Highlights:
- MSRT announce that it has appointed Danny Meeks, sole shareholder of Empire Services, Inc. (“Empire”), as the Chairman of its Board of Directors ahead of the planned closing of the Empire acquisition.
- MassRoots recently entered into a Letter of Intent to acquire Empire, which is expected to result in MassRoots generating significant revenues and positive cashflows from operations.
- Upon closing of the Empire acquisition, the Company intends to apply to uplist to the Nasdaq Capital Market or the NYSE American Market, which MassRoots believes would result in a significant increase in visibility, liquidity, and institutional interest for its stock.
- Established in 2002, Empire operates 10 metal recycling facilities in Virginia and North Carolina and expects to continue expanding its footprint in the coming quarters. It has historically generated higher profit margins when market prices for metal rise.
Key Quote from Chairman
“As Chairman of MassRoots, I believe it is my responsibility to deliver consistent revenue growth, acquire profitable businesses to expand our sources of revenue, and minimize dilution to our more than 30,000 loyal and supportive shareholders,” stated Danny Meeks, Chairman of MassRoots.
Market Reaction: Stock Range Bound
As of 10:47, MSRT stock moved up by 10.70% to $0.0849 with more than 7.98 million shares traded hands, well above its average volume of 3.82 million shares. The stock has moved within a range of $0.0798 – 0.0871 after opening the trade at $0.0805.
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