This Micro Cap Halted On Circut Breaker Following Major Announcement And Rally

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Wednesday, November 27, 2024

A holding company that facilitates and assists companies with strategy and investor relations saw its stock rally strongly on Wednesday after the company said that its unit V-Gallant has received a conditional letter of award valued at $24 million from Hexatoff Group for a proposed data center project in Enstek City, Malaysia.

Traders took the news as bullish as they quickly snatched up shares of VCI Global Limited (Nasdaq:VCIG), pushing the micro cap up to $7.74/share (+332.40%) at the session high. Seeing that this stock closed at just $1.79 yesterday, its no wonder that a $24 million announcement would’ve launched this stock into the stratosphere given it’s low market cap.

VCI Global Ltd is a holding company. The principal activities of the Company and its subsidiaries are the provision of business strategy consultancy and technology development solution consultancy. The firm organized its consulting services into three main segments: Business Strategy Consultancy; Technology Consultancy; and Others. It derives the majority of its revenue from the Business Strategy Consultancy segment which focuses on listing solutions, investor relations, and boardroom strategies consultancy. It has established a diverse local and international clientele, providing them its services in both local and cross-border listings. Its role begins from pre-listing diagnosis and planning to the finalization of the entire listing process.

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