- The stock price of Tesoro Enterprises, Inc. (OTCMKTS: TSNP) increased from $0.0005 per share on October 30 to $0.1081 on November 27 per share (growth of 21,510%). This is why it happened.
The stock price of Tesoro Enterprises, Inc. (OTCMKTS: TSNP) — a company that supplies and installs floor and wall covering materials to individual homeowners, builders and contractors, and interior designers — increased from $0.0005 per share on October 30 to $0.1081 on November 27 per share (growth of 21,510%). These are some of the reasons why the stock price has been surging over the past month.
George Sharp Hired As Consultant – October 28
Due to the low price of the shares, the volume of trading on TSNP has been very high as it has been popular with penny stock traders. Often times, over 100 million of the shares were traded in the company every day since they hired microcap analyst and former consultant to OTC Markets Group George Sharp as a consultant to the company on October 28. Sharp had advised Tesoro on its strategy to increase shareholder value by identifying potential acquisition targets and already introduced interesting possibilities to the company.
Binding Purchase And Sale Agreement – November 6
On November 6, Tesoro Enterprises had announced it is a party to a binding Purchase and Sale Agreement between two current shareholders.
Merger With HUMBL, LLC Announced – November 12
On November 12, Tesoro Enterprises, Inc. (OTC Pink: TSNP) had announced that it entered into an agreement with HUMBL, LLC to merge the two entities. Through the all-stock transaction, the members of HUMBL will receive preferred shares of Tesoro in exchange for their HUMBL holdings.
HUMBL Managing Member and Founder Brian Foote has acquired the control block of voting shares and a significant number of common shares from outgoing Tesoro President Henry Boucher. And the Board of Directors installed Foote and HUMBL associate Jeffrey Hinshaw as directors of Tesoro and to the officer positions of President and Secretary, respectively. Plus Adam Wolfe has been named Chief Technology Officer, Michele Rivera has been named Vice President, Global Partnerships, and a director, and Karen Garcia will become Vice President, Major Accounts.
Boucher has resigned all officer and director positions with Tesoro. All of the liabilities of the company to date were settled by Boucher prior to his resignation.
HUMBL is comprised of team members from companies like Western Union, Moneygram, Visa, American Express, Epson, Microsoft, Facebook and Qualcomm and the company was recently named a Forbes “Rising Startups to Watch” in June 2020 for recognizing the “major gap between the US and emerging markets regarding mobile payments.”
HUMBL is known for designing a mobile wallet (HUMBL) and merchant software (HUMBL Hubs) that help primarily cash economies migrate to digital money services across key vertical markets like government, banking, wireless carriers, and merchant services. And HUMBL’s global money platform will deliver up to 50% estimated savings on transactions such as sending, receiving, lending, borrowing, investing money, and paying bills.
Over 551 Million Common Shares Retired – November 13
On November 13, Tesoro Enterprises Corporate Secretary Jeffrey Hinshaw, announced today that the company was retiring 551,669,335 million common shares that Tesoro President Brian Foote agreed to surrender without consideration. Those shares were acquired by Foote from the previous Tesoro President for value received from Foote. With the retirement of those shares, the number of Tesoro common shares issued and outstanding was reduced to 3,996,709,773.
A few days later, Tesoro Enterprises announced that Foote agreed to convert over 318 million shares recently purchased by him out of the retail market to a new class of Preferred shares. And the conversion will be transacted following the imminent completion of the merger between Tesoro and HUMBL LLC — which will coincide with the redomiciling of the corporation to Delaware.
Following the completion of the conversion, Tesoro’s issued and outstanding number of common shares will have been reduced by over 860 million shares since Foote became President of Tesoro. And the company does not anticipate that the number of common shares outstanding will increase during the remainder of 2020 and throughout 2021.
HUMBL and Bexs Bank Piloting Expanding Payments Platform Between The U.S. And Latin America – November 19
On November 19, Tesoro Enterprises had announced that HUMBL and Bexs Bank agreed to a joint venture to expand their digital customer and merchant services divisions between the U.S. and Latin America, reducing payment costs and processing speeds for customers across these gateways. Based in São Paulo, Brazil, Bexs is specialized in integrating local payments processing and FX transactions for global businesses and processing an estimated $7.6 billion per year in international transactions. And through a unique API Platform, Bexs’ solution provides the collection of Brazilian currency via local payment methods, helping companies to connect with customers in the digital world.
HUMBL, a US-based global payments network, that was recently named a Forbes Startup to Watch in 2020, is launching a HUMBL® mobile wallet and HUMBL Hubs® contactless merchant software platform to reduce the time and costs of sending, receiving and exchanging money.
“Despite the rapid consumer adoption of mobile applications like Uber, Tik Tok and Instagram in Brazil, the vertical of domestic and cross-border payments remains a core element of friction for Brazilian consumers and merchants that needs more mobile applications like HUMBL” said Luiz Henrique Didier Jr., CEO of Bexs Bank. “There are a variety of complex financial and payment systems that still require 210 million Brazilians to do things in-person or through multi-step banking processes that can be delivered more simply via HUMBL and HUMBL Hubs software, powered by Bexs leading digital payment and foreign exchange engines.”
HUMBL Partners With Cyberbeat To Expand Into Asia Pacific – November 24
Tesoro Enterprises, Inc. (OTCMKT: TSNP) recently announced that Singapore-based Cyberbeat — a leading digital payments and financial technologies company led by veteran digital payment industry executives of the Asia Pacific region has made a strategic investment into HUMBL, LLC. And the cash investment is consummate with a new partnership in which Cyberbeat gains the non-exclusive rights to sell, distribute and deploy HUMBL and HUMBL Hubs technologies into key verticals in the Asia Pacific in calendar year 2021 and beyond.
Cyberbeat’s digital payment platform is positioned to address a vast Asia Pacific based clientele that fits with the key verticals of HUMBL such as banks, financial services, telecom companies and national payment institutions. And the strategic partnership enables HUMBL to explore sales and installation expansions through Cyberbeat into operating markets such as Singapore, Myanmar, Nepal, India, Vietnam and the Pacific Islands, reflecting over a 1.5 billion consumer and merchant opportunity.
Cyberbeat executives have had a proven track record of implementing and offering digital and traditional payment solutions of US-based partners like Visa, Mastercard and American Express into the Asia Pacific and Pan-India markets.
“We have seen a number of technology cycles over the decades at Cyberbeat. The national migrations to digital forms of ID’s, money, payments and financial services products is the most exciting one yet, and we believe the HUMBL brand will achieve mass penetration in this region, given its flexible technology solutions and architecture,” said Cyberbeat CEO Rajan Narayan.
“We view this opportunity to establish this global relationship with a proven winner in the Asia Pacific region a significant achievement for HUMBL in the coming year. The Cyberbeat team has helped Fortune 500 brands expand their footprint into this region for decades, and we hope to be a part of that legacy during this next digital transformation cycle,” added Garcia, VP Major Accounts for HUMBL.