One of the companies making headlines this week is DSG Global Inc (OTCMKTS:DSGT), and on Thursday there was yet another development that resulted in a dramatic boost for the stock. DSGT has been on a wild ride this week, gaining as much as 200% at one point, but pulled back to end the week at $0.10.
On Thursday, the company announced that its subsidiary Imperium Motor Corp has placed an initial order for electric vehicles. This move will further broaden the range of products in DSC Global’s portfolio and hence, it was no surprise that the stock climbed on Thursday.
The President of Imperium Motors, Rick Curtis spoke about the importance of the development. He said that the vehicles are meant for distribution in the company’s North American market and beyond. He went on to add that at this point Imperium is working on putting together a wide distribution network so as to sell a large number of these electric vehicles.
The sales are expected to start at some point in Q4 2020. However, that is not all. The company is also expected to work with charging station companies and manufacturers in order to emerge as one of the major electric vehicle players in Canada, Mexico, and the United States.
Earlier on in the week, the company made another major announcement that had triggered the rally in the DSC stock. The company announced on Tuesday that it repaid all the existing convertible notes.
The convertible notes could have been converted into common shares at a major discount had they elapsed and hence, the move ensured that there was no further dilution of the DSC stock.
The President and Chief Executive Officer of DSC Global, Bob Silzer said that this move will now allow the company to expand its presence across different markets. He went on to state that following this move the company will also get a more ‘appropriate valuation’ in the market.