Stocks which trade in a range for some time can often break out in a big way as well and hence, investors ought to keep some of those stocks on their radars. One such stock that could be worth looking into at this point in time is that of FOMO Corp (OTCMKTS:FOMC).
Although the stock has been trading within a range in recent days, it should be noted that on Monday FOMO made a major announcement. The company announced yesterday that it inked a Letter of Intent with regards to the acquisition of SMARTSolution Technologies Inc.
It was a major announcement from the company but it did not lead to any major action in the FOMO stock. Investors need to keep in mind that SMARTSolution is going to operate as a fully owned subsidiary company of FOMO.
In addition to that, the company is also going to retain its own brand as well as its current headquarters located in Pittsburgh in Pennsylvania. It was also noted that the acquisition is expected to be concluded at some point next month. However, that is going to be dependent on reaching a definitive agreement and the refinancing of SMARTSolution’s bank debts.