- Signal is a not-for-profit foundation with a messaging app.
- Signal Advance Inc. (SIGL) is a medical technology company with no messaging app.
- Investors mixed the two up and SIGL rose 5000%.
Signal Advance (SIGL) is a tiny medical technology company which was unheard of until last week. On January 4, not a single share traded in the stock market, a few days later the stock traded over 2 million shares! The daily average is less than 10,000.
The stock moved from $0.60 to nearly $40 in a matter of days.
Update: WhatsApp has informed it is delaying its new privacy policy until May 15.
SIGL stock: A case of mistaken identity
The reason for this extraordinary surge was due to a tweet sent out by Tesla (TSLA) CEO Elon Musk. He wanted people to switch from WhatsApp (FB) to Signal messaging app. Instead, people raced to snap up stock of Signal Advance (SIGL)!
Zoom (ZM) in, ZOOM out
Back in March 2020, at the start of the pandemic, the Securities and Exchange Commission (SEC) suspended trading of Zoom Technologies (ZOOM) as traders were buying it thinking it was ZOOM Video (ZM). ZOOM was up 900% when the SEC stepped in.
SIGL still going strong
Despite Signal Advance (SIGL) issuing a press release making people aware of the mistaken identity, SIGL is still trading much higher than its long-term average. SIGL closed on Friday at $13.54 down from near $40 earlier in the week. On January 6th it closed at $0.60!
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