Zoompass Holdings Inc (OTCMKTS:ZPAS) Stock Jumps 21% In a Week: But Why?

In the past week, the Zoompass Holdings Inc (OTCMKTS:ZPAS) stock has emerged as one of the major movers in the market and has managed to deliver gains of as much as 21%. In light of such significant gains, it is likely that the stock is going to come onto the radars of many investors today.

Market Action

On Thursday, ZPAS stock ended flat at $0.0034 with 1K shares, compared to its average volume of 13K shares. The stock has moved within a range of $0.0034 – 0.0034 after opening trade at $0.0034.

Announces Completion of Continuance to British Columbia

As it happens, the company was in the news yesterday after it announced that as of December 30, 2021 it had been successful in completing its redomicile from Nevada and was going to continue as a corporation registered in British Columbia.

It was a fairly complex procedure for the company to complete this transformation. In order to get the continuance, Zoompass had to first conclude a plan of conversion from the State of Nevada to British Columbia.

That was achieved only through a shareholder resolution. It should be noted that the continuance that was affected by the company did not lead to any change in the management or in the operations of the company at this point. In light of the gains made by the stock in the past week, it may be a good time to add the stock to you watch lists.

Key Quote

“The closing of the Continuance represents the start of the process of streamlining Zoompass’ corporate structure, updating our financial reporting, making our financing more efficient, and is the logical next step in applying to list the Company’s shares on a Canadian exchange,” said Manny Bettencourt, CEO.

Traders Note

ZPAS stock is trading below the 20-Day and 50-Day Moving averages of $0.0080 and $0.0089. Moreover, the stock is trading is the neutral zone with RSI stands at 44.

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