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Summary
- Torchlight stock was one of the most discussed topics on social media Tuesday.
- Alfi has been working on its AI-enabled ad platform to deliver advertising services to clients.
Stocks of Torchlight Energy Resources Inc. (NASDAQ:TRCH) and Alfi Inc. (NASDAQ:ALF) surged 44% and 66%, respectively, on Tuesday, June 15.
Torchlight stock was up for the second consecutive day on Tuesday, while Alfi shares soared after announcing that it would offer its services to Uber and Lyft.
Why Torchlight stock surged?
Torchlight Energy Resources Inc. (NASDAQ:TRCH) is in talks with Metamaterial MMATF for a merger. MMATF makes advanced materials. On June 11, Torchlight announced that all its shareholders agreed with the merger proposal. Under the deal, MMATF will hold a 75% stake, while Torchlight will have a 25% share.
The stock was one of the most discussed topics on social media on Tuesday, one of the reasons why it may have skyrocketed. It was the third most mentioned company on StockTwits.
Meanwhile, TRCH announced a special dividend of Series A Preferred Stock on a one-for-one basis to common shareholders of record as of June 24.
The oil and gas company focuses on the acquisition and development of domestic oil fields.
Its stock traded at US$5.225 at 12.01 pm on June 15, up 45.95% from the previous close. The stock rose 633% YTD. Its market cap is US$758 million.
Also read: 2 Trending Stocks In Meme Stock Frenzy: Clean Energy, GEO Group
Why Alfi stock soared?
The stock of Alfi jumped 66% after the company announced its collaboration with Uber (UBER) and Lyft (LYFT). Its stock price surged 81% in the last five days.
Source: Pixabay.
The software company has been working on its artificial intelligence (AI) ad platform to deliver tailor-made advertising services ethically to its clients.
Alfi has signed a contract with All-Niter for supplying 10,000 digital tablets to Uber and Lyft. The gadgets will be provided to Uber and Lyft drivers.
It may ship additional 50,000 tablets to Uber and Lyft through All-Niter.
Alfi’s AI platform can display ads to customers correctly based on gender, age, and other factors, while at the same time maintaining privacy standards. The system will benefit both advertisement companies and drivers.
Also read: What Car Companies Are Publicly Traded?
The company had installed AI-enabled tablets in ValueCabs in Belfast. However, it had to stop the installations in some cars due to the pandemic. It now plans to start installations in 800 vehicles as restrictions are lifted.
The stock traded at US$5.72 at 12.24 pm on June 15, up 66% from the previous close. Its stock prices increased by 81% since its IPO in April this year. Its market cap is US$76 million.
On April 20, the company had announced the launch of 3,000,000 common shares and 3,000,000 warrants to purchase shares of common shares.
