Tech Shares Up Sharply Following Canadian Public Offering News

A New York-based tech firm just announced a partial exercise of the over-allotment option in conjunction with the company’s $5.9-Million Canadian initial public offering of its securities in Canada. Shares of Logiq, Inc. (OTCQX:LGIQ) sharply rallied on the news as the exercise price of each warrant from the exercise was significantly higher than where the stock opened today.

Logiq, Inc. is a U.S.-based leading global provider of eCommerce, mCommerce, and fintech business enablement solutions. Its AppLogiq platform-as-a-service enables small-and-medium sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. AppLogiq empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. AppLogiq is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia.

Traders were bullish on the news as shares shot up to an early session high of $3.08/share (+18.92%) following the announcement. This move pushed prices slightly above its 50-day SMA, indicating a potential trend reversal from the downtrend it has been stuck in for a few months.