Worldwide NFT Inc. (OTC: WNFT) is one of the NFT stocks heating up in the OTC as investors remain anticipating an announcement regarding a merger or an acquisition from the company. With anticipation building up, WNFT stock climbed more than 200% after FINRA approved the company’s name and symbol change. Given that the company promised PR this week, WNFT could be one of the NFT stocks to watch this week.
WNFT Stock News
Having been a shell since 2013, WNFT used to be an exploration stage mining company with a focus on gold and silver production. With this in mind, WNFT is currently exploring opportunities to venture into the lucrative blockchain industry through NFTs. WNFT was able to pursue this business change after it was placed under the custodianship of George Sharp in May 2021 where he is serving as the company’s sole director and president. Since Sharp invested $50 thousand in the company and provided services worth $50 thousand, WNFT issued 300 thousand authorized preferred shares to Sharp ensuring his position as the company’s majority shareholder.
Based on this, investors are bullish WNFT could have a profitable merger in light of Sharp’s experience in the OTC. Over the past 17 years, Sharp served as a consultant to several companies and is well-known for being a shareholder advocate for fighting against microcap fraud. Considering his vast experience, Sharp was engaged as a consultant by OTC Markets to help improve compliance processes in the OTC market.
Moreover, Sharp’s companies have a history of finding successful mergers – most notably TSNP which became HUMBL, Inc. (OTC: HMBL). As a result, many investors are bullish WNFT could be set to have a profitable merger in the blockchain industry – making WNFT one of the NFT stocks to watch closely this week.
Given that the company has not filed any financials since 2013 prior to Sharp’s custodianship, WNFT successfully filed Form 10 with the SEC to become SEC reporting. Through this, WNFT became a fully reporting company allowing it to gain Pink Current status since it traded on the Expert Market. As one of the few SEC reporting shells in the OTC, investors are bullish WNFT could become one of the best NFT stocks upon its expected merger.
While the company was previously known as Goff Corp, the company changed its name to Worldwide NFT Inc to better reflect its new business direction. To facilitate this name change, WNFT filed for a name and ticker change with FINRA. At the same time, WNFT filed for a 3 for 1 forward share split to increase its shareholders’ value. Since the company was then under Sharp’s custodianship, FINRA requested the termination of the custodianship to execute its name and ticker change, as well as the forward split. Based on this, the company terminated its custodianship with the court – allowing it to execute its pending actions.
Now that this process is completed, WNFT could be well-positioned to pursue a merger or an acquisition as the company is SEC reporting and is no longer under custodianship. In light of this, many investors are confident a merger or an acquisition could be finalized in the near future. On that note, WNFT promised to share PR this week after completing its name and ticker change. With this in mind, many investors are speculating this PR could be regarding a potential merger or acquisition in the blockchain industry. With anticipation brewing over the PR, WNFT could be one of the NFT stocks to hold this week.
Media Sentiment
@coldhardcash_mb is holding WNFT in anticipation of this week’s PR.
Technical Analysis
WNFT is currently trading at $.23 and has supports at .2020 and .1475. Meanwhile, the stock shows resistances at .2525 and .4502. With speculation regarding the company’s future, WNFT climbed more than 200% since late June. While the stock lost some of its ground, WNFT’s anticipated PR this week could help the stock reach near its high of $.45. With this in mind, WNFT appears to be retesting its support following its parabolic run. Based on this, bullish investors could find an entry point near WNFT’s supports as it could soar once the PR drops.
Although accumulation dropped following WNFT’s recent run, it is starting to trend upwards in anticipation of PR. Meanwhile, the MACD is bearish which could be the result of investors taking profit. The RSI is witnessing a downtick at 40 indicating that WNFT could be slightly oversold. In light of these indicators, bullish investors could take a starter position in WNFT at its current PPS and add more shares as the stock moves up. As for its share structure, WNFT has an OS of 534.7 million and its float could be near its unrestricted shares of 531.7 million.
WNFT Stock Forecast
With the company looking to venture into the blockchain industry, WNFT appears to be well-positioned to secure a profitable merger or acquisition since it is one of the few SEC reporting shells. Meanwhile, the company’s recent name and ticker change shows Sharp’s commitment to grow the company – leading investors to feel bullish over WNFT’s future prospects. Given that the company plans to release PR this week, many investors are confident WNFT could be announcing a merger or an acquisition. In light of this, WNFT could be one of the best NFT stocks to buy this week in anticipation.
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