Last week it has been announced that Energy 1 Corporation (OTCMKTS:EGOC) had been acquired by the multinational technology service firm Shanghai Yicheng Culture Communication Co Ltd .
That was possibly the trigger behind the remarkable rally in the Energy 1 Corp yesterday as it soared by as much as 59% after investors flocked to the stock in a big way. Energy 1 Corp is based out of Nevada in the United States and Shanghai Yicheng Culture Communication picked up the entirety of the equity stake in the company to complete the landmark acquisition.
However, in this regard it is also necessary to point out that that as per the terms of the agreement; Energy 1 Corporation had also held a meeting of its board. After the aforementioned board meeting Liu Yicheng was appointed as the board chairman. The Shanghai Yicheng Culture Communication is involved in a range of industries and it has managed to do so by way of its considerable practical experience going back many years.
At this point, the business development initiatives of Shanghai Yicheng Culture Communication are mainly focussed on the scientific research, medical health and retail. It remains to be seen if the Energy 1 Corporation stock can continued to add to its gains today.
Market Reaction:
On Wednesday, EGOC stock gained 59% at $0.0249 with more than 20.10 million shares, compared to its average volume of 10.36 million shares. The stock had moved within a range of $0.0160 – 0.0250after opening the trade at $0.0170. Over the past 52-week, the stock has been trading within a range of $0.0003 – 0.0250.
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