Following a major announcement from MasterBeat Corporation (OTCMKTS:MSTO) yesterday, the company’s stock was on the move and ended up clocking massive gains of as much as 83%. The company is involved in acquiring a range of assets starting from real estate and precious metals to vintage cars and similar tangible assets.
Yesterday, the company announced that it broke ground and started with the construction work on the first of the many Florida Panhandle properties. These properties are being built in South Rosa Beach in Florida. At this point in time, the company has completed the acquisition of as many as four different parcels of land in the region.
The first property that is being built in Santa Rosa is going to span over an area of 5000 square foot and is going to be a vacation style property. In this regard, it is perhaps important for investors to consider the fact that MasterBeat acquired the parcel of land for $400000 and construction costs are going to be between $1.2 million and $1.4 million. That is going to bring the total costs in the $1.6 million to $1.8 million range. At this point, similar properties in the area are being sold for between $2.5 million and $2.8 million.
Market Reaction:
On Thursday, MSTO stock soared 83% at $0.0063 with more than 333.73 million shares, compared to its average volume of 19.16 million shares. The stock had moved within a range of $0.0038 – 0.0070 after opening the trade at $0.0039. Over the past 52-week, the stock has been trading within a range of $0.0015 – 0.0305.
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