Holding company Novation Holdings Inc (OTCMKTS:NOHO) is involved in the acquisition and marketing of technology solutions to the market. Yesterday, the stock was in the news after it made a key announcement but at the same time it should be noted that the stock performed poorly and declined by as much as 21% for the day.
Trading Data
On Monday, NOHO stock slumped 21.43% at $0.0011 with more than 526.26 million shares, compared to its average volume of 432.19 million shares. The stock has moved within a range of $0.0009 – 0.0015 after opening trade at $0.0015.
Executes Letter of Intent to Acquire Legends of Hemp and TerraVida CBD
In this situation, it might be a good idea for investors to take a closer look at the announcement from Novation Holdings. The company announced yesterday that it inked a letter of intent by way of which it could potentially acquire the Madison, Wisconsin based company Legends of Hemp LLC.
Legends of Hemp is involved in the manufacturing of CBD and branding. However, that is not all. As per the provisions of the letter of intent, Novation could also potentially complete the acquisition of the company GMTRV. The company is involved in the online retailing of natural and high quality third party CBD products. It is based out of Denver in Colorado and sells its products under the brand name ‘TerraVida’. Despite the fall in the Novation share price, it cannot be denied that the announcement from the company was an important one and investors could consider tracking the developments.
Technical Data
NOHO stock is trading above the 50-Day and 200-Day Moving averages of $0.0011 and $0.0008 respectively. However, the stock is below the 20-Day moving average of $0.0013. The stock is down 27% in the past 3-month.
