Black Bird Biotech Inc. (OTCMKTS: BBBT) is down 12% in a week after the company updated its ongoing progress and current status after finalizing its Regulation A Funding.
Trading Data
On Wednesday, BBBT stock moved down 1.13% at $0.0175 with more than 2.52 million shares, compared to its average volume of 5.47 million shares. The stock has moved within a range of $0.0175 – 0.0190 after opening the trade at $0.0177.
Provides Corporate Update
The plant-based MiteXstream biopesticide manufacturer has repaid around $700,000 of its convertible debt with part of the offering proceeds and now leaves around $1 million of the proceeds available for its to invest in boosting MiteXstream sales.
The company’s president Fabian Deneault said that the company now has the financial footing necessary to enhance shareholder value meaningful via major investments in marketing and sales initiatives through the guidance of the recently appointed National Sales GM and the MiteXstream inventory levels. In addition, Fabian stated that although the company has a relatively small part of the convertible debt remaining, there is enough cash at hand to repay the debt once it comes due.
The company has also given updates regarding the pending OTCQB uplisting status after submission of the last supplemental information for approval. Therefore BBBT is worth watching in the coming days.
Key Quote
“Our company is now on a financial footing that will allow us to build shareholder value, in a meaningful way, through significant investments in sales and marketing efforts under the direction of our recently hired National Sales GM and in our MiteXstreamTM inventory levels,” said Fabian Deneault, BBBT’s President. “Although we have a relatively small amount of remaining debt, we have cash on hand to pay all of that debt as it comes due.”
Technical Data
BBBT stock is trading below the 20-Day and 50-Day Moving averages of $0.0198 and $0.0215 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0316. The stock is down 32% in the past 3-month.
