Why DigiAsia Corp. (FAAS) Surged Last Week

We recently published a list of Small Stocks, But Explosive: These 10 Firms Crushed The Market Last Week. In this article, we are going to take a look at where DigiAsia Corp. (NASDAQ:FAAS) stands against other firms that led last week’s charge.

DigiAsia Corp. saw its share prices jump by 102 percent week-on-week as investors snapped up shares in the company in a bid to push its stock price back to the $1 level to prevent the risk of forced delisting.

In December last year, DigiAsia Corp. (NASDAQ:FAAS) announced that it received a letter from the Nasdaq notifying the company of its failure to meet its minimum bid price requirement of $1, having hovered below the said amount for 30 consecutive business days from November 1, 2024 through December 16, 2024.

An executive in a suit checking a bank of computers symbolizing the technology of the financial services industry.

DigiAsia Corp. (NASDAQ:FAAS), an Indonesia-based financial technology company, has until June 16 to comply with the minimum bid price requirement, or it could face a forceful removal from the stock exchange.

On Wednesday, May 28, the company successfully hovered past the $1 level following news that it was allocating $100 million to buy Bitcoins.

According to the company, its board of directors approved the establishment of a treasury reserve and committed up to 50 percent of net profits generated to fund the acquisition.

Overall, FAAS ranks 6th on our list of firms that led last week’s charge. While we acknowledge the potential of FAAS, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than FAAS and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.