Sometimes, the price action in a stock may not be congruent with the flow of news about the company and that seemed to have been the case with the Alkame Holdings Inc (OTCMKTS:ALKM) stock on Monday.
Market Reaction:
On Monday, ALKM stock fell 6% at $0.0016 with more than 87.53 million shares, compared to its average volume of 30.55 million shares. The stock has moved within a range of $0.0015 – 0.0017 after opening the trade at $0.0016.
Signs LOI To Acquire 2 Condiment Brands With Over $1 Million In Annual Sales Available On Amazon
The company was in the news yesterday after it announced that it inked a letter of intent with regards to the acquisition of a two high end condiment brand. Although that was a significant bit of news, the investors did not seem particularly excited about it at all and the Alkame stock suffered from a selloff. On Monday, the stock ended the days with a decline of as much as 5%.
In this context, it is important for investors to take a closer look at the brands that Alkame is expected to acquire. Both the condiment brands are well known for high end products, some of which include premium jellies and jams.
In addition to that, those brands are also well known for fruit dessert toppings and pepper jellies among others. On the other hand, it needs to be pointed out that the acquisition process is progressing smoothly. The due diligence with regards to the acquisitions have already been conducted by Alkame and the two entities have reached an agreement about the acquisition.
