MGO Global Inc. (NASDAQ:MGOL) shares are trading higher Thursday after the company entered into an agreement for a business combination with Heidmar, Inc.
The Details:
The business combination is expected to close late in the third quarter of 2024, and the combined company will operate under the Heidmar name and be listed on the Nasdaq Capital Market under the symbol "HMAR." Heidmar is a commercial and pool management business serving the crude oil and refined petroleum product tanker market.
"We are thrilled to announce this Business Combination Agreement with Heidmar, which we believe will position the combined company to capitalize on the evolving, underserved demands of the massive $370 billion global tanker shipping market. The fundamental strength of Heidmar's profitable business, coupled with anticipated future growth fueled by its leading asset-light business model, provides a compelling and potentially transformative opportunity for our fellow MGO shareholders," said Maximiliano Ojeda, CEO of MGO.
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MGO shares are blasting higher on heavy trading volume following the announcement. According to data from Benzinga Pro, more than 108 million shares have already been traded in the session, compared to the stock's 100-day average of 7.094 million shares.
How To Buy MGOL Stock:
By now you're likely curious about how to participate in the market for MGO Global – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy 'fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of MGO Global, which is trading at $1.18 as of publishing time, $100 would buy you 84.75 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to 'go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
MGOL Price Action: According to Benzinga Pro, MGO Global shares are up 72.8% at $0.79 at the time of publication Thursday.
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