Today is a tough day for many stocks in the stock market as the Nasdaq is down 600 points at the moment with a big drop in shares of Apple as it down over 6%. However, on the US OTC exchange shares of Worksport Ltd (OTCMKTS: WKSP) are simply soaring. They are up over 50% going into the noon hour as recent press releases and coverage on various financial websites have attracted traders to the stock. Take a look at the chart and the price action of the past few days.
The stock has a market cap now of roughly $13 million dollars. The company was formerly named Franchise Holdings International, but changed its name to Worksport Ltd, which manufactures truck tonneau covers, which generate solar power. In this morning it issued a press release in which it stated that it was “presently in active negotiations, to supply the ground-breaking Worksport TerraVis™ tonneau cover system with solar power integration to a U.S.-based Electric Truck manufacturer. The partnership between the two companies is expected to generate US$70 million in revenues for Worksport in the near-to-mid-term, according to Worksport CEO Steven Rossi.”
This linked the company and the stock to the electric vehicle sector, which has become a mania among stock traders thanks to TSLA. As Benzinga.com wrote in notice of this news, “by incorporating complex solar technology that is able to both generate and store energy, it could easily reduce pickup trucks’ dependency on internal combustion engines. TerraVis is tailored to appeal both to traditional pickup drivers who want to upgrade their existing vehicles as well as future owners who want to extend the range and efficiency of their electric pickups.”
On twitter today trades are on a frenzy on the stock as you can see from these tweets.
Breaking News $WKSP: Worksport™️ Enters into US $70 Million OEM Agreement for TerraVis™️ with US Based EV Truck Manufacturer— Steven Rossi (@StevenRossiWKSP) September 3, 2020
Read full Press Release:https://t.co/np5BnohoZS$WKSP #INVESTING #STOCKS $TSLA $F $GM $NKLA $WKHS #EV #SOLAR
I have no position in this stock and neither does Mike Swanson the head editor of this website. Every morning he sends out an email with the top stories of the day that he is following and stock trading ideas. You can get it for free by clicking here to subscribe.