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Texas-Based Conglomerate Soars On Recent Announcement
A Texas-based conglomerate reported that the company is actively seeking profitable growth company acquisition candidates. As the company is exploring capital investments from various funding sources to uplist to a major exchange, shares of Concordis Group Inc. (OTCPK:CNGI) rallied substantially.
Concordis Group, through its subsidiary, is engaged in designing, architectural and engineering services. The core of the business is land development and construction of buildings related to hospitality, healthcare, retail, schools and office buildings. The company generates revenue primarily from contracts with customers for design, architectural and engineering services.
Traders were bullish on the news as shares popped up to $0.2994/share (+199.40%) following the headline. It is extremely important to keep in mind that even thought his move is massive, the actual number of shares that exchanged hands is really light as this is a very illiquid stock. Nonetheless, this micro cap jumped on the headline.
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