WRIT Media Group Inc (OTCMKTS:WRIT) Stock Surges 32%: Here is Why
WRIT Media Group Inc (OTCMKTS:WRIT) announced that Quay View Partners LLC has converted 50,000 shares of its Series C Convertible Preferred Stock into 11,941,016 shares of common stock. The company also confirmed on Quay View Partners exchanging 950,000 shares of the Series C Convertible Preferred Stock for 90% of the common stock of subsidiary Bison Crypto Power Corp.
Trading Data
On Wednesday, WRIT stock soared 32.23% to $0.0080 with more than 140.94K shares, compared to its average volume of 9.56K shares. The stock moved within a range of $0.0070 – 0.0100 after opening trade at $0.0070.
Writ Media Group Inc. Announces Conversion Of Preferred Stock
The firm has 102,124,050 shares of common stock outstanding post the exchange. The Series C Convertible Preferred Stock was issued in April 2018, which was related to the strategic acquisition of some natural gas leases of Bison Oil & Gas. All the Series C Convertible Preferred Stock would be retired and lead to net asset value increasing by $5 million USD.
Mr. Mitchell, President of the Company said that WRIT Media Group, Inc has a robust balance sheet and a position in Texas natural gas basin. Mitchell added that it can help in the corporate strategy of harnessing trapped natural gas as well as data centers and crypto mining.
A diversified company, WRIT Media Group Inc has five wholly owned subsidiaries: Amiga Games, Inc, Front Row Networks, Inc, Bison Oil & Gas Corporation, Retro Infinity, Incand Bison Crypto Power, Inc. WRIT also set up a new company, Retro Infinity, for publishing and brand games, which were not earlier released for Amiga brand computers.
