Many stocks have managed to record significant gains this week and one of the notable ones is that of Tesoro Enterprises Inc (OTCMKT:TSNP). The stock rallied strongly on Wednesday after a major announcement from the company and gained as much as 4000% as investors piled on to it. In light of such massive gains, it could be worthwhile for investors to take a closer look at Tesoro.
Earlier this week, the company announced that it partnered with Singapore’s Cyberbeat and made an investment in HUMBL LLC. It is a major deal for Tesoro and its decision to team up with Cyberbeat, a well known Fintech company, could prove to be an excellent move.
The investment has been made entirely in cash from Tesoro and Cyberbeat. By way of the agreement, Cyberbeat is going to get the non-exclusive rights to use, distribute, and sell technologies created by HUMBL and HUMBL Hubs. The operations are going to be based in the dynamic Asia Pacific region and are going to commence in 2021.
Moreover, HUMBL is a large company and some of the areas in which it is involved include national payment services, banks, and financial services among others. Cyberbeat seeks to leverage its presence in the Asia Pacific region and bring those services to its pool of clients.
It is not really a surprise that there is such excitement about the fact that Tesoro managed to become a part of this transaction. This investment will also provide HUMBL with the opportunity to take its products to far bigger markets like those in Vietnam, Nepal, Myanmar, and India among others.
Another Key Development
Earlier in November, there was another key development that investors ought to keep in mind when analyzing the Tesoro stock. On November 13, the company announced that it retired as many as 551669335 million units of its common shares surrendered by President Brian Foote, without any consideration.
The shares in question had been awarded to Foote by the previous Tesoro president. It is a key development since after the retirement of these shares; the number of outstanding Tesoro shares has been cut down to 3996709773.
The development is going to show up in the reports that are going to be filed by Tesoro with the Securities and Exchange Commission. It is a positive development and it remains to be seen what impact it has on the long-term stock price.
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