Butler National Corporation (OTCMKTS:BUKS) was up 8%, and the stock has gained 15% in a week. The company has announced that its subsidiary, Butler National Service Corporation, has finalized the acquisition of a minority equity ownership stake in BHCMC LLC, resulting in BNSC as the only BHCMC owner and Boot Hill Casino & Resort Manager.
Trading Data
On Tuesday, BUKS stock went up 5.60% to $0.76 with more than 47k shares, compared to its average volume of 22k shares. The stock has moved within a range of $0.7100 – 0.7600 after opening trade at $0.71.
Recent Development
In addition, BHC Investment Company, LC sold BNSC 2,000 Class A Preferred Membership Units for about $16.4 million, including a tax allocation. As a result, BNSC is the sole BHCMC member/owner due to the purchase and sale of the Preferred Units in BHCMC, LLC.
The BHC Investment Company stake was purchased with company funds and $8 million in commercial bank loans. The Kansas Racing and Gaming Commission approved the purchase deal on October 15, 2021, with an effective ownership transfer date of August 1, 2021, andOctober 18, 2021, the closing date. CEO Butler Nation Clark Stewart said the sole ownership of BHCMC is a massive milestone for the company’s shareholders. So in the coming weeks, BUKS is worth watching.
Technical Data
BUKS stock is trading above the 20-Day and 50-Day Moving averages of $0.68 and $0.64 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.61. The stock is up 25 in the past month.
