Greenpro Capital Corp (NASDAQ:GRNQ) Stock Slid 20% Last Week: Here is Why

Greenpro Capital Corp (NASDAQ:GRNQ) fell 20% last week. The company’s incubator firm Angkasa-X entered an MOU with Silkwave Holdings Limited to form a joint-venture strategic alliance to create and run the first GEO-LEO combined services and satellite network platform in the world.

It will be offering integrated satellite services addressing the varying needs in the ASEAN region in multimedia infotainment, internet connectivity, precision tracking and navigation, vehicle-connected services, and environmental surveillance and monitoring.

The alliance will see the company have two satellite and services platforms in the region to address the internet needs of the underserved ASEAN region. The joint partnership will lead to the formation of a Space Technology Ecosystem in Penang, Malaysia. It will be a global satellite technologies distribution center in the ASEAN market. Greenpro CEO Lee Chong Kuang said that the alliance is the first between a LEO and GEO platform that will offer unprecedented synergies, including broadband data and innovative infotainment services to the ASEAN region. Therefore, investors should be keen on GRNQ.

Market Reaction:

On Friday, GRNQ stock moved down 4.70% at $0.79 with more than 2.45 million shares, compared to its average volume of 6.15 million shares. The stock has moved within a range of $0.7801 – 0.8389 after opening the trade at $0.8131.