The Labor Smart Inc (LTNC) has been one of the major gainers in recent days and on Wednesday, the stock extended its rally. In this sort of situation, it could be a good idea for investors to start following the stock a bit more closely.
The company, which is involved in providing staffing solutions to its clients, announced recently that it completed the acquisition of Takeover Industries Inc. The completion of the deal was announced live on Twitter on February 28 and it marks a major step for Labor SMART. As per the provisions of the deal, Labor SMART is going to issue as many as 6.8 billion shares. However, the shares are going to be restricted for a period of 12 months.
The takeover is however not involved in staffing solutions but a beverage company that has not generated any revenues as yet. It is going to be a subsidiary of Labor SMART and marks the company’s entry into a fast-growing industry.