As of Thursday’s close, Majic Wheels Corp (OTC: MJWL) closed up 8.23 percent at $0.1262, and has moved within a range of $0.1294 to $0.1051 during the session. Majic stock surged over 75.03% in the last month; with average volume for the month over 39.09M shares.
MJWL stock gained over 7323.53% during the three-month period, with average volume of 55.56M. We can then take a closer look at company’s recent developments to gain a more comprehensive understanding of MJWL stock price rise in absence of current news.
What kind of progress did MJWL make recently?
Majic is a Delaware corporation that intends on acquiring multiple companies that are in the Fintech and software development industries to position itself as a disruptive force in the market. One of MJWL’s first (upcoming) acquisitions will be the cryptocurrency exchange and custody services company Calfin Group Crypto Exchange (CGCX). MJWL expects the transaction to close by July 1st 2021, valued at USD 150M.
Earlier this month, Majic announced that it gained OTCIQ Access following the completion of the necessary verifications.
- Since the question was often asked by existing and new shareholders of MJWL, the company decided to share the information.
- In the coming weeks, MJWL will complete the remaining steps towards getting current status at OTC.
- A presentation will also be held in the near future.
- MJWL reminded all shareholders and investors of the event.
- MJWL will share more information about this presentation in weeks to come.
- Majic has announced the execution of a binding letter of intent to acquire CGCX Ltd., a cryptocurrency exchange company generating USD 150M in revenue each year.
- Founded in 2018, CGCX offers globally accessible services tailored to cater to the current cryptocurrency market.
- A crypto trading platform and custody services are already in place with MJWL target CGCX.
- It is one of the first participants in the latter segment to offer some of its clients insurance.
- By combining its extensive knowledge of the traditional markets with the rapidly growing cryptocurrencies market, CGCX has gotten the best of traditional markets and the latest in cryptocurrencies.
- In select markets such as India, Malaysia, the UAE and Mauritius, the MJWL’s target firm developed innovative products that address cryptocurrency users’ needs.
- MJWL’s expected merger represents all the value propositions that will be developed in the company as a result of the merger.
MJWL’s digital plans:
Majic (MJWL) plans to develop a platform for digital asset management that enables clients to benefit from the diversified business models and the security that CGCX offers. The services that MJWL will offer using CGCX include insurance and infrastructure offerings including a Crypto Exchange, Digital Custody Service, and Token Listing Platform all under one roof.
