Many stocks have recorded substantial gains in the market this week so far, but one of the notable gainers has been World Series of Golf, Inc. (OTCMKTS:WSGF). After the company made a major announcement on Tuesday, the stock surged impressively and managed to record gains of as much as 440%.
World Series of Golf, Inc. (OTCMKTS:WSGF) announced on Tuesday that it completed the acquisition of Vaycaychella and seeks to take its business operations in a new direction altogether.
Vaycaychella is a relatively new company, having been established in 2017 and is involved in the vacation rental space. Specifically, the company is involved in connecting investors with short term vacation rental owners through a peer to peer lending platform.
According to the announcement made by WSG, this is a sector that could grow substantially in the coming years. Industry leader Airbnb has grown at a breakneck pace and is all set to have an IPO that will value the company at $30 billion.
Chairman and CEO
Hence, it is easy to see why the acquisition of Vaycaychella has created such optimism around the WSG stock. After the completion of the acquisition, William Justice, a managing director at Vaycaychella, has been installed as the Chairman and Chief Executive Officer of WSG.
In addition to the potential of the peer to peer lending business for short term vacation rental owners, the real reason behind the massive rally in the WSG stock seems to be about the changing direction of the company. The company has been working on such a plan for a considerable period of time and the acquisition marks the completion of the whole process.
The rally in the stock is likely going to bring the WSG stock into focus among investors and market watchers throughout the rest of the week. In such a situation, it could be a good idea on the part of investors to keep an eye on it in the near-term.