This morning shares of World Health Energy Holdings (OTCMKTS: WHEN) are rising over 100% on over 200 million shares of trading volume. In fact it is the top volume stock of the day on the OTC and is grabbing the attention of those that monitor the markets like I do. Take a look at the chart.
The move basically came out of nowhere, but has been driven with the help of a news release by the company this morning that it “has entered into Capital Stock Exchange Agreement with UCG, Inc., a Florida corporation pursuant to which, subject to the satisfaction or waiver of the conditions specified in the agreement, a newly created subsidiary of the Company will acquire all of the outstanding equity capital of RNA Ltd., an Israeli company, whereupon RNA will become a subsidiary of the Company. The closing of the transaction is subject to certain conditions.”
RNA is a cybersecurity company. World Health Energy is a holding company that according to an SEC filing and news release a year ago had a net income of $539,692 for the year ended December 31, 2018, compared to a net loss of $67,676 for the year ended December 31, 2017. The stock has a market cap of almost nine million dollars.
The company should have an SEC filing out before the market close with more details on the acquisition news. People though on twitter are very excited before the release:
$WHEN big volume— BrimStone Financial (@DVStrading) January 28, 2020
Monday saw the US stock market hit by coronavirus worries, but a reversal in the FXI ETF signaled a stock market bounce was likely this morning. Penny stock KNOS got action on a coronavirus linkage yesterday. I’m more interested myself in a small cap cannabis stock play right now.