If there is one stocks that is almost certainly going to be tracked by investors this morning then it is the 1812 Brewing Company Inc (OTCMKTS:KEGS) stock, which was in the middle of a remarkable rally yesterday.
1812 Brewing Company Retires 3.4 billion Shares of Outstanding Common Stock
The stock had come on to the radars of investors in a big way yesterday and ended up with gains of as much as 100% amidst heavy interest. The company announced yesterday that its Chief Executive Officer and Chairman Tom Scozzafava had decided to exchange his shares in 1812 Brewing Company for a company note. As a result of this transaction, as many as 3.4 billion shares of the 1812 Brewing Company common stock was returned to the transfer agent and put into the company treasury.
The reduction of those many shares would help with the liquidity of the stock and that was possibly the reason why there was such a rally on Tuesday. It is going to be interesting to see if the stock can continue to add to its gains over the course of the coming days or not. Scozzafava noted that the transaction, which had been completed on December 31, 2022, capped a year in which 1812 Brewing Company had made considerable strides in its business.