Webus International (WETO) stock surged on Tuesday after the Chinese mobility services company announced a $100 million senior equity line of credit with Ripple Strategy Holdings. The company will have access to this credit over a two-year period, with the ability to draw $250,000 to $3 million per tranche.
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Webus International intends to use the funds from this senior equity line of credit to fuel its Ripple (XRP) treasury strategy, including crypto-enabled payments, blockchain-based loyalty programs, and more.
Webus International CEO Nan Zheng said, “We believe this will help us accelerate the growth across North America and Asia-Pacific, and strengthen our leadership in crypto-powered premium mobility.”
Webus International Stock Movement Today
WETO stock was up 100% in pre-market trading on Tuesday, following a 3.46% drop yesterday. Today’s massive rally erased its 40.69% fall since its initial public offering (IPO) earlier this year. The stock also saw heavy trading today, with over 12 million shares exchanged, compared to a three-month daily average of 1.45 million units.
