The news has been non-existent with regards to QuantGate Systems Inc (OTCMKTS:QGSI) this month so far but that did not stop its stock from emerging as one of the notable gainers yesterday. The QuantGate stock was in major focus yesterday and clocked gains of as much as 35% as investors piled on to it in a big way.
However, it might be the right time to take a look at an announcement from the company back on August 25. The company, which is involved in machine learning, artificial intelligence and in providing SaaS related fintech solutions, announced at the time that it had successfully closed a convertible debenture worth as much as $1619513.
That was a significant development for QuantGate and in addition to that, the company also announced that it received an investment of as much as $1000000 from an institutional investor by way of a non-brokered private placement.
In this context, it should be noted that back on November 15, 2019 QuantGate had actually started the private placement of Senior Secured Convertible Notes worth as much as $3.25 million. The latest rally in the stock might have been triggered by these developments and it might be a good move for investors to keep a close eye on the QuantGate stock this week.