SOPA stock has exploded more than 228% on December 20, 2021. Why? Inclusion in the Russell 2000 index.
Society Pass (SOPA) Announces Addition to the Russell 2000® Index
On December 19, 2021, Society Pass Incorporated (Nasdaq: SOPA) a leading Southeast Asian data-driven loyalty platform, announced that the Company was to be added to the Russell 2000® Index, effective at the open of U.S. markets on December 20, 2021.
Dennis Nguyen, CEO of Society Pass, commented, “This is an exciting milestone for Society Pass to reach soon after our successful IPO in November. Being a part of these highly regarded and widely used indexes will bring greater market awareness to our Company as we work to achieve our goals for growth and expansion in Southeast Asia.”
The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity market. Membership in the Russell 2000® Index, which remains in place until the next reconstitution, is based on membership in the broad market Russell 3000® Index. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
My question is why hasn’t Society Pass filed for a massive stock offering to raise money into the 228% move higher? The company could raise a massive amount of money by selling its stock near current levels.
Society Pass (SoPa) Files 1st Form 10-Q; Building Sales Momentum After Recent Launch of LeFlair Lifestyle E-Commerce Platform and IPO Capital Raise
On December 13, 2021, Society Pass Incorporated (Nasdaq: SOPA) announced the filing of its first quarterly Form 10-Q with the Securities and Exchange Commission since completing its initial public offering on November 9, 2021. The filing is for the three-month period ended September 30, 2021, during which Society Pass launched Leflair, its lifestyle e-commerce platform that markets and sells products in three verticals including Fashion & Accessories, Beauty & Personal Care, and Home & Lifestyle.
Dennis Nguyen, CEO of Society Pass, commented, “As you can see from the revenues from our Leflair business unit in just the final three weeks of September, the recent launch of LeFlair into the Vietnam marketplace in early September has gone extremely well and sales momentum is building every day. Supported by the completion of our IPO that raised gross proceeds of $28.125 million in early November, we believe that Society Pass is well-positioned to execute its strategic plans. These include increasing the marketing spend for our platforms, rolling out our Society Points loyalty program, investing in additional infrastructures such as data centers, call centers, and warehouses, and funding acquisitions of e-commerce companies in Southeast Asia (SEA) and South Asia.”
📺 VIDEO Society Pass (SoPa) App
In December of 2019, Society Pass published this video about their company:
📉 SOPA Stock Technical Analysis
SOPA is part of the Interactive Media & Services industry. There are 80 other stocks in this industry, of which 100% are performing better than SOPA. The technical rating of SOPA is bad and it also does not present a quality setup at the moment. Prices have been extended to the upside lately. For a nice entry, it is better to wait for a consolidation. Click here to sign up for email alerts on when SOPA stock is a good buy.