The 8VI Holdings Ltd (ASX: 8VI) share price has been on an amazing rise so far this month as it wrapped up legal proceedings.
The 8VI share price has traded higher every day in October so far, gaining more than 200% in the process. In today’s trade, the company is trading 20.59% higher at $2.05.
What does 8VI do?
8VI is a Singapore-based financial educator that provides a smart stock analysis and screening tool infused with a social networking element.
The company was established in 2008, and aims to empower the ‘average Joe’ to make good investments “smarter, faster and easier”.
Its VI App is a stock analysis tool developed through 8BIT Global. The app crunches traditional financial data and simplifies complex stock analysis and decision-making for equity investors.
What driving the 8VI share price?
With the share receiving a speeding ticket this morning, the 8VI share price has been on an astonishing run since the turn of the month.
Shares in the financial educator are likely to have risen as a result of favourable legal proceedings with two former employees.
On 16 October, the company provided an update regarding the company’s ongoing appeal to the District Court of Taiwan. The appeal related to the company’s former director, supervisor and stakeholders, Joshua Lin and Jessica Kao, for breach of directors’ duties.
In late September, the District Court of Taiwan ruled in favour of 8VI and granted $575,000 in compensation and 69% of legal costs payable by Lin and Kao over the breach of directors’ fiduciary duties.
While the judgement ruled in favour of 8VI, the company is now appealing to correct the previous judgement to ensure accurate records in respect of future proceedings.
Foolish takeaway
8VI has seen its share price explode on the back of these proceedings. It marks a positive turnaround for a company that this time last year was trading at an all time low of 15 cents.
The share buy back in late August also helped provide impetus for the recent gain.
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Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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