If you haven’t already heard, big news was released late in the day Thursday, March 7th for $ETFM, 2050 Motors.
If the rumors are true this could be a HUGE gainer for Friday’s trading session and into next week.
Supposedly the company being merged in is worth upward of $100MM, and the merger is taking place to give the Chinese parent company access to the American markets. The new partnership plans to produce electric cars and integrate them into the American economy.
Just look at the type of growth we saw with Electrameccanica, ticker symbol SOLO, when they were merelycompared to Tesla. Now we have a Chinese company moving in to take over the competition!!!
Look at this share structure!
With ~680MM outstanding shares, the move today resulted in a market capitalization of ~$2.6MM, which is still grossly undervalued in my opinion. Plus, the move happened early enough in the day to allow for healthy churn at the $0.0035 support level before the closing bell.
Considering the current share structure, it isn’t hard to envision this stock reaching and maintaining a market capitalization ofat least $10MM.
But the biggest impact we saw was on volume.
As you can see, volume was off the charts compared to the average daily volume with 200MM+ shares traded today.
Plus, to make the move even more impactful was the fact that the majority of shares exchanged hands in the last 90 minutes of the session! The surge was exciting to witness, and ever more fun to experience.
You better believe the 8-k and price action we saw today on $ETFM hit the scanners, and there will be more traders/investors chomping at the bits to get a piece of the action tomorrow, and into the weeks ahead.
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