One of the stocks that managed to record strong gains on Monday was that of FOMO Corp (OTCMKTS:FOMC) as it ended the day with gains of as much as 39%. While the gains made by the FOMO stock were impressive, it is also necessary to point out that there was no news about the company yesterday that might have led to such a rally.
In order to get a better idea about the company, it might be a good move for investors to take a look at a development from last week. On June 16, FOMO announced that its subsidiary company KANAB Corp has allowed beta customers to start using its cannabis health and wellness related social network.
It is a major development for KANAB considering the fact that developers have been working on this platform for around two years. As a matter of fact, it is also necessary to point out that the in the past weeks, the company has invited select users to sign up as beta users on the website.
At this point in time, the website is ready for use on a global level. That being said, the company is going to announce the date of the commercial launch of the platform at some point in the near future.
Market Reaction:
On Monday, FOMC stock jumped by 38.89% to $0.0025 with more than 162.30 million shares, compared to its average volume of 83.35 million shares. The stock has moved within a range of $0.0018 – 0.0025 after opening the trade at $0.0019. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0269.
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