Winner winner chicken dinner. Even though the CSE market doesn’t close for another five hours, it’s safe to say that Metalo Manufacturing (CNSX:MMI) is one of the trending tickers of the day. The Halifax, Nova Scotia-based company is currently trading up more than 80%.
What Happened for Metalo Manufacturing since Friday?
A jump of more than 80% this early in the trading day is pretty impressive. When this sort of increase occurs, investors are left wondering what happened. In Metalo Manufacturings case, it seems likely that today’s increase stemmed from the company’s February 1st announcement. Yesterday, Metalo, which is currently focused on expanding the manufacturing industry, disclosed that it will be issuing 58,080 common shares of the Issuer to a company that is controlled by an Issuer insider, Forest Lane Holdings Limited. Keep in mind this move will depend entirely on whether or not the CSE gives Metalo Manufacturing permission to do so.
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Regardless of the fact that this issuing of common shares depends on CSE approval, investors seem to be very optimistic about this decision. They also seem to be on a bit of a high from the announcement yesterday, considering the stock is skyrocketing today. As of this writing, Metalo Manufacturing is trading at $0.45, which puts the stock up $0.20, or a whopping 83.67%. The company currently has a market capitalization of 7.89 million. It will be interesting to see whether the stock can start trading up 90% before the closing bell rings.
Or, perhaps the stock is simply trading up as much as it is today because investors are feeling a sense of relief. It was, after all, only three days ago that the company hit a new 52-week low. Plus, this is the first piece of news the company has reported since it held its annual general and special meeting at the beginning of December. It was at this meeting that the eastern Canadian company announced that its shareholders had agreed to the name change from Muskrat Minerals to Metalo Manufacturing. Personally, I think this was a good decision.
The Takeaway
It is unclear as to whether Metalo Manufacturing is on the verge of a turn-around, or if it will go back to seeing red next week, but what we do know is that it is important for us to keep our eyes peel so that we can be the first to know if the CSE gives the company approval.
Check back next week and hopefully, we’ll have some news.
Featured Image: depositphotos/Petrovich99
