Shares of Tesoro Enterprises, Inc. (OTCMKTS: TSNP) Soar On Stock News – Tim Bellamy (11/18/2020)

This morning we are seeing some buying in small caps with the Russell 2000 up in the green again, although the Nasdaq is acting very sloppy. It seems that the rotation out of tech and into more cyclical stocks is continuing this week. Meanwhile, on the US OTC exchanges shares of Tesoro Enterprises, Inc. (OTCMKTS: TSNP) are soaring up 25% already today on 148 million shares of volume on a trading float of 3 billion shares. Take a look at the chart.

What is driving the stock up today is the fact that it has a market cap of $72 million and the company released news today that it is retiring over $10 million worth of stock shares trading in the public markets. These are shares owned by CEO Brian Foote and is happening as part of a merger between Tesoro and HUMBL LLC. According to the press release:

Upon completion of the conversion, Tesoro’s issued and outstanding number of common shares will have been reduced by over 860 million shares since Mr. Foote became President of Tesoro.

The company does not anticipate that the number of common shares outstanding will increase during the remainder of 2020 and throughout 2021.

About HUMBL

The mission of HUMBL® and HUMBL Hubs is to deliver high quality, low cost digital payments and financial services. The HUMBL network was designed to disrupt entrenched regional banks, wire services and roadside finance providers in emerging markets such as Latin America, Caribbean, Asia and Africa to help reduce costs and improve settlement speeds for customers.

This is generating a lot of excitement on Twitter today.

This is stock I do not own and am only watching. The same is the case for Mike Swanson, who is the head editor of this website. He did an update today on two stocks that he does own this morning. You can get on his free pre-market stock trading update alerts list by clicking here.

-Tim



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