Chanticleer Holdings Inc (NASDAQ: BURG) is having an overwhelmingly strong start to the trading session this morning after the company announced plans surrounding the blockchain. Of course, this led to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about the news, what we’re seeing from BURG as a result, and what we’ll be watching for ahead.
BURG Announces Blockchain Plans
As mentioned above, Chanticleer Holdings is having a strong day in the market after announcing plans to work with MobivityMind. According to the press release, the company will be using MobivityMind, a blockchain-architected platform for commerce and customer communication across brands. This will also help to power their cryptocurrency customer loyalty rewards program.
According to the press release, BURG will be taking advantage of the MobivityMind platform as a way to reward customers with a currency that can be used across all of the company’s brands. In a statement, Michael D. Pruitt, Chairman, President and CEO at BURG, had the following to offer:
“We wanted to expand our existing loyalty program with something that really changes the way our customers can leverage their rewards; Mobivity Merit is a real cryptocurrency, leveraging the same infrastructure and principles of Bitcoin, Ethereum, Ripple, Litecoin, and more, and will enable our customers to make use of their rewards in entirely new ways… Use your Merit mined by eating at Little Big Burger to get a buffalo chicken sandwich at American Burger Co., or trade them with your vegan friend so he can eat a veggie burger at BGR. And that’s just the beginning… We’re excited to see how consumers respond to the idea of getting real, transferrable, secure value in exchange for their loyalty to our brands.”
How The Stock Reacted To The News
As investors, one of the first things that we learn is that the news moves the market. In particular, news surrounding the blockchain has resulted in massive moves in stocks like LFIN, DPW, OTIV, and others as of late. So, with blockchain-related news hitting the wire surrounding Chanticleer Holdings, it’s no surprise that we’re seeing strong gains in the stock today. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:04), BURG is trading at $4.24 per share after a gain of $1.63 per share (62.45%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on BURG. In particular, we’re interested in following the story surrounding the company’s blockchain-enabled rewards program and we’re excited to see how consumers pick it up. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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