Over the course of the past week, snack company NightFood Holdings Inc (OTC: NGTF) has emerged as a notable gainer. On Tuesday, the stock rallied by another 19% and took its gains for the past week to 40%.
Yesterday, the company announced that it closed a new financing round in which it raised $4.5 million. In the process, the company also managed to eliminate all the convertible debt. That is a significant development and one that might have triggered the latest rally in the Nightfood stock.
The company is engaged in the snacks industry and is looking to corner a part of the $50 billion that is spent by Americans every year on nighttime snacks. Sean Folkson, who is the Chief Executive Officer of the company, stated that it is a ‘key inflection point’ for Nightfood and congratulated the shareholders in the company who have been supportive. It will now be interesting to see if the stock can continue to rally today.