Many stocks managed to scale new heights in November and one of the notable gainers during last month was the Tesoro Enterprises Inc stock.
During the course of the month of November, the stock surged to record highs, and today, Tesoro Enterprises, Inc. (OTCMKTS:TSNP) again managed to record gains of 25.28%.
With such attention it’s worthwhile for investors to take a closer look at the developments that have triggered this remarkable rally.
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On November 24, Tesoro Enterprises, Inc. (OTCMKTS:TSNP) announced that it partnered with Singapore based fintech firm Cyberbeat and made an investment in HUMBL LLC. It gave Tesoro a stake in a pretty big company and a toehold into the growing Fintech space in Asia.
HUMBL is best known for providing mobile wallets to consumers and also provides software meant for merchants.
Cyberbeat is going to help HUMBL with expansion into new markets. Some of those markets could be fast-growing ones like India, Myanmar, Singapore, Vietnam, and Nepal. This is particularly promising since Cyberbeat has a history of successfully helping companies like VISA, American Express, and MasterCard with their expansion into South Asia. The optimism around the Tesoro stock is hence understandable.
The investment in HUMBL is of a strategic nature and marks a new direction for Tesoro altogether. The company is primarily involved with the supply and installation of wall covering products. It works with retail customers as well as with contractors and builders.
In addition to the HUMBL deal, there have been certain other developments that could have contributed to the rally.
Towards the end of October, Tesoro announced that George Sharp, who used to be a consultant with OTC Markets has been appointed as its consultant.
Sharp is expected to help the company in picking out possible acquisition targets. Later on, in November, the company also announced that it had become the party in a binding agreement between two shareholders. The agreement in question is a Purchase and Sale one.