VocalTec Communications Ltd. (NASDAQ: VOCL) just became the biggest stealth stock in quite some time. It almost feels like a SPAC because of the news. VocalTec and YMAX Corp., the creator of magicJack, have successfully merged and will be traded on the NASDAQ under the symbol “CALL” on Monday, July 16, 2010.
VocalTec expects to have revenues ranging from $110 million to $125 million this year. With over $40 million cash/securities on hand and no debt, VocalTec expects to show a profit in the current quarter. The stock will also effect a 1-for-5 reverse stock split.
VocalTec was under a $10 million market cap company before the deal.
UPDATE CLOSING BELL: Shares closed up 150% at $3.30 on over 1 million shares versus just under 10K on average… make that 100X volume.
Now shares are up 155% at $3.37. We have also seen over 800,000 shares trade hands with 20 minutes to go to the close, so it has seen 80-times normal volume.
JON C. OGG