The influencer network company SponsorsOne Inc (OTCMKTS:SPONF), which works for small brands by way of large scale authentic online engagement, has seen its stock rally by as much as 16% over the course of the past week.
The rally in the stock has been triggered after the company announced an update last week with regards to its debt settlements and also about its non-brokered private placement. SponsorsOne Inc announced that it issued as many as 88,307,428 shares of its common stock at the price of $.024 each for the purpose of debt settlement with arm’s length parties.
By way of this transaction, it has managed to cut down the amount payable by as much as $2,119,378.27. It was a significant announcement from the company and it is no surprise that investors seem to have taken the news with a certain degree of excitement.
However, that is not all. The company also announced that as part of its private placement it issued a total of 2,632,835 units at the rate of $.024 each and generated gross proceeds of as much as $63,188.04. In light of the gains made by the stock, it might be a good idea for investors to perhaps keep the SponsorsOne stock in their watch lists.
On Tuesday, SPONF stock fell 4% at $0.0190 with more than 5.11 million shares, compared to its average volume of 4.79 million shares. The stock had moved within a range of $0.0157 – 0.0210 after opening the trade at $0.0175. Over the past 52-week, the stock has been trading within a range of $0.0006 – 0.0400.