Mobile Search Vendor UpSnap Goes Public

Mobile search company Upsnap has gone public, issuing “nearly 12 million shares of common stock for the initial public offering. At $2 a share-the stock’s opening price-the company appears to have generated more than $20 million by going public”. The shares climbed up to $3.22 throughout the week before settling at $2.68 by mid-day Friday.
Rafat: This is a reverse merger with a shell company, to go public on the OTC board..mainly to raise some funds, or so the company says. Read this release from a research firm for a rather glowing profile of the company..though take it with a pinch of salt.

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