A California-based energy company just announced that its board of directors unanimously recommended the acceptance of a tender offer from Viston United Swiss AG to acquire all of the issued and outstanding common shares of the company. This news got traders into a frenzy as shares of Petroteq Energy Inc. (OTCPK:PQEFF) as we head into the final fifteen minutes before Tuesday’s opening bell, with shares of the small cap bid up pre-market.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of new proprietary technology for oil extraction. The company operated in two reportable segments being Oil Extraction and Processing Operations and Mining Operations. It generates revenue from the sale of hydrocarbon.
Traders are bullish on the news as shares are currently bid up at $0.2571/share (+9.87% implied open for sellers). This indicated move would be a strong continuation of the success this stock had on Monday to start the year, as shares went on to close up at $0.234/share (+14.09%).
