Investor speculation Mooter Media’s (ASX:MMZ) proposed acquisition of Hot Shot Media is causing of the former’s surging stock price, the company stipulated to the ASX.
Shares in the internet advertising company have grown from $0.021 last Monday to $0.032 today – a 14.2% increase.
As a result, the ASX sent a routine query to Mooter Media asking if it was aware of, but had not disclosed, any information that might have caused the lift.
But Mooter Media said it had already disclosed that it was negotiating to acquire social gaming company Hot Shot Media, a development investors have responded favourably to considering the fact that social networking is a hot commodity at present.
No further information can presently be disclosed, as negotiations are still underway, Mooter Media added.