The Arvana Inc (OTCMKTS:AVNI) stock has emerged as a surprise star in the market this morning, having clocked gains of a staggering 300% so far. While the gains may be highly impressive it is also necessary for investors to note that company does not really have any business operations to speak of.
This morning the stock may be rallying after it emerged yesterday that the control of the voting securities of Arvana Inc has been acquired by Alki David. In the past the voting securities had been under the control of Altaf Nazerali and two entities that are controlled by him.
In this regard, it is however important to note that the change in control of the business had been in effect since June 30, 2021. The excitement about the stock at this point might be related to the possibility of a business combination at some point in the future.
It should be noted that Arvana had initially been involved in the telecommunications business but it is now exploring the possibility of entering other sectors. In the past, it was known as Turinco Inc and it was not until July 2006 that entity was rechristened as Arvana.
Market Reaction:
As of 12:14, AVNI stock soared 315% at $1.87 with more than 278k shares, compared to its average volume of 332 shares. The stock has moved within a range of $0.6201 – 2.2500 after opening the trade at $0.75. Over the past 52-week, the stock has been trading within a range of $0.0850 – 2.2500.
 Stock Rockets 300%: What’s Going On?){kind=link}