HUMBL Inc. (OTCMKTS:HMBL) continues to trend lower. Recently its CEO Brian Foote announced that he would retire 9,350 shares of his Series B Preferred Stock holdings equivalent to 93.5 million HUMBL common stock shares.
The value of the shares is around $100 million based on the previous day’s closing price when the request was submitted. Already Foote had retired around 551,669,335 pre-split shared in November last year at his personal cost. The reason for retiring the shares is to cut the overall share count of the company and protect investors from dilution as HUMBL seeks brand partnerships, market acquisition strategies, and top-line revenue.
The company finalized the acquisition of Monster Creative LLC for $8 million, paid in $7.5 million of convertible debt and $500,000 on convertible debt at a convertible debt conversion price of $1.2 per share. Monster Creative is a production studio founded by Kevin Childress and Dough Brandt. The company will continue operating independently in collaboration with HUMBL. Therefore, HMBL is worth watching. On Monday, HMBL stock fell 4.70% at $0.8650 with more than 4.61 million shares, compared to its average volume of 8.22 million shares. The stock had moved within a range of $0.8650 – 0.9001 after opening the trade at $0.89.