Since the advent of the World Wide Web, society has grown increasingly dependent on the internet. This increasing dependence brings with it a crucial battle, one in which we must work to get widespread internet access to every person. Cuentas (NASDAQ:CUEN) is a finance and tech company that is trying to do just that. A new announcement is proving the company to be closer to its goal, and CUEN stock is moving as a result.
WaveMax is a WiFi-sharing company that seeks to create a shared internet environment that connects users with retailers, apps, and more. The company will be showing off a preview of its WiFi6-5G network in New York City according to a press release.
So where does CUEN stock come into the picture?
Importantly, Cuentas is the fintech company that will be helping WaveMax roll out this new network. According to WaveMax, Cuentas will be assisting in the implementation of 170 test stations around the NYC and tri-state areas to test the shared network. Through Cuentas, users will be connected with targeted advertising and promotional material, including discounts for goods and services geographically close to where a given user is connecting from.
The experiment will take place over six months, and the results will help gauge the success of the network. If successful, the companies are planning on creating 1,000 more locations in the form of bodegas.
WaveMax Spurs Huge Gains for CUEN Stock
CUEN stock is gaining in a huge way today, as a result of the press release by WaveMax. CUEN is rocketing more than 170%, to a value of $7.62. Nearly 112 million shares of CUEN are trading today, significantly more than the company’s 168,000 daily average.
With its Q1 earnings, the company revealed it paid off all of its financial debt. It also announced a $12 million capital raise, thanks in large part to a wildly successful public offering.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.