In the past week, the Bantec Inc (OTCMKTS:BANT) stock has gone through a pretty tough time and has declined by as much as 22% amidst a heavy selloff. Despite the losses recorded by the stock in recent days, the company made an important announcement yesterday and investors could do well to take a look at it.
Market Action:
On Tuesday, BANT stock lost 3.85% at $0.0025 with more than 167.13 million shares, compared to its average volume of 48.22 million shares. The stock has moved within a range of $0.0024 – 0.0031 after opening the trade at $0.0025.
Major Trigger
Bantec announced yesterday that it was in talks with regards to licensing agreement for one of its drone delivery patents with as many as 19 different entities. More importantly, it was also pointed out that out of those 19 entities, as many as 6 are part of the Fortune 100 list.
It goes without saying that it was an important announcement and if the company does get to license its patent to big ticket companies, then it could be a significant boost.
The Chief Executive Officer and Chairman of Bantec, Michael Bannon, spoke about the matter as well. He stated that the research with regards to licensing candidates for the drone delivery patent had been completed by Bantec. He went on to state that the company’s patent attorney will be working on the contracts so that the licensing revenues can start rolling in by the Q1 2022.
