WonderFi Technologies Inc (OTCMKTS:WONDF) Stock Continues to Gain Momentum

Over the course of the past week, the WonderFi Technologies Inc (OTCMKTS:WONDF) stock has come into considerable focus among investors and managed to generate gains of as much as 25% during the period.

Market Action:

On Friday, WONDF stock gained 7.62% at $2.0964 with more than 108.77K shares, compared to its average volume of 162.76K shares. The stock has moved within a range of $1.8490 – 2.0964 after opening the trade at $1.9400.

Upsizes Previously Announced Bought Deal Private Placement

The stock is likely to come into focus this week and it might be a good for investors to perhaps take a look at a key development from last week. Last Wednesday the company announced that it decided to raise the size of the bought deal private placement that had been announced previously. It should be noted that the bought deal private placement is being facilitated by a consortium led by Canaccord Genuity Corp.

As per the announcement, it was revealed that the lead underwriter in the transaction agreed to purchase as many as 13520001 units in WonderFi. The underwriter agreed to pay C$1.95 for each unit.

That will help WonderFi in raising gross proceeds of as much as C$26364001.95. However, fees and charges are going to be deducted from the sum. The news proved to be a major source of optimism for investors and that was possibly the reason behind the rally in the stock over the past week.

Traders Note:

WONDF stock is trading above the 20-Day and 50-Day Moving averages of $1.60 and $1.35. The stock is up 98% in the past month.