Shares of the ZIVO Bioscience, Inc. (ZIVO) stock soared in the intraday trading today on September 24, 2021. ZIVO stock price saw a surge of 62.32% to reach $5.60 a share at the time of this writing. The trading volume as of now was 51,312,776, far higher than the average trading volume. Let’s understand the reason behind this rally
There is no recent announcement or press release by the ZIVO Bioscience in today’s date or not even in the previous week. Sometimes analysts’ upgrades add hype to the per-share price of the stock but this is not the case for ZIVO stock. It seems that the short squeeze phenomenon is driving the ZIVO stock price today. At one moment, ZIVO skyrocketed 100% today. For your understanding, let’s discuss the recent events of this stock.
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ZIVO stock issued a letter to shareholders:
On August 18, 2021, ZIVO Chief Executive Officer issued a letter to the shareholders of ZIVO stock in which he discussed various business developments. Below are a few important developments of ZIVO Bioscience.
The stock completed the planned capital raise and “up-listing” to the Nasdaq stock exchange. ZIVO offered 2,760,000 shares of common stock and warrants to purchase 3,174,000 shares. The total gross proceeds resulted from the offering were $13.8 million. After deducting the offering-related expenses, ZIVO planned to use the $12.2 million in its biotech business and agtech strategies.
In July, ZIVO completed the in vivo study in Maryland at the poultry research facility. It is conducting field trial #18 in order to validate the performance characteristics of its lead product candidate. The study team is analyzing the data so far.
In 2020, ZIVO Bioscience did launch the product development program in order to investigate whether the whole algal biomass or its components are beneficial for human skin health.
About ZIVO stock:
ZIVO Bioscience operates by the selling of natural bioactive ingredients which it derives from algae cultures. The stock has a market cap of 56.879 million and a 2,187,987 average trading volume. In October 2014, the company changed its name from Health Enhancement Products, Inc to ZIVO Bioscience Inc.
Thanks to the social media platforms and investors communities due to which ZIVO per share price rose to significant heights. However, long-term investors should be aware of all the facts and figures for a better decision.