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Acquisition Announcement Sent These Shares Soaring
There's nothing quite like an acquisition to get a stock moving! It always seems to be one of the most powerful catalysts in financial markets. Today was no exception as a Vancouver-based micro cap announced that it was being acquired by Genius Brands International Inc. (NASDAQ:GNUS). Shares of Wow Unlimited Media Inc. (TSX-Venture:WOW) (OTCQX:WOWMF) rallied strongly on the news.
Wow Unlimited Media Inc. is an animation-focused entertainment company producing content and building brands and audiences on global media platforms. The company's operating segment include Animation production and Networks and Platforms. It generates maximum revenue from the Networks and Platforms segment. Geographically, it derives most of the revenue from the United States. The company's media assets include Channel Frederator Network on YouTube, as well as WOW! branded programming on Bell Media's streaming entertainment platform, Crave.
Traders were very bullish on the news as shares on the TSX Venture Exchange hit $1.65/share (+17.86%) at the session high. This move is a strong continuation of the success this stock has had all year coming from a 52-week low of just $0.35/share.
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