WeTrade previously filed a Form 8-K filed with the Securities and Exchange Commission (SEC) on April 7, 2023. That covered select Securities Purchase Agreements (SPAs) with certain accredited investors.
Those SPAs’ senior secured convertible notes and warrants. with net proceeds worth $16.5 million. However, as of May 11, 2023, closing conditions for these agreements weren’t met.
With those closing conditions not being met, WeTrade notes that the SPAs have been terminated. This has shares of WETG stock rising on Wednesday as investors react to the news.
How This Affects WETG Stock
Today’s news brings with it heavy trading of WETG stock. As of this writing, more than 50 million shares of the company’s stock have changed hands. That’s a massive jump compared to its daily average trading volume of about 7.7 million shares.
One thing investors will want to keep in mind today is the penny stock status of WETG stock. The company only trades for about 4 cents per share, and its market capitalization is incredibly low at $7.412 million. This is worth noting as these factors mean speculative traders more easily manipulate the stock. As such, it can see extreme volatility.
WETG stock is up 53.4% as of Wednesday morning.
Investors looking for more of the most recent stock market news will want to keep reading!
We’ve got all of the hottest stock market news traders need to know about on Wednesday! That includes the biggest pre-market stock movers this morning, what’s happening with Exela Technologies (NASDAQ:XELA) stock, and more. You can catch up on all of this news at the following links!
More Wednesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- Why Is Exela Technologies (XELA) Stock Up 100% Today?
- Vodafone Layoffs 2023: What to Know About the Latest VOD Job Cuts
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risk.
On the date of publication, William White 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.