Investors in NOHO Inc (OTCMKTS:DRNK) will be hoping for the stock to make a quick turnaround today after it suffered from a heavy selloff yesterday and tanked by as much as 17%. The selloff in the Wyoming corporation stock came about after the company made an announcement with regards to its resurgence as a business.
On Thursday, DRNK stock slid 16.67% at $0.0005 with more 344.69 million shares, compared to its average volume of 225K shares. The stock has moved within a range of $0.0004 – 0.0006 after opening trade at $0.0005.
Operations Update And Forecast For 2022
In its update, the company noted that over the course of the year so far, it has managed to bring about an ‘amazing resurgence’. The company noted that over the course of a period of eight months it managed to bring the financial reporting status to current and also reduced the debt in its books.
However, that was not all. NOHO went on to point out that it hired the services of a top rung branding firm, developed new products and last but not the least, created a functioning direct to customer website.
NOHO also noted that new products are going to be added to the website as well. It goes without saying that the announcement from the company was positive in nature but it did not lead to any particular optimism among investors at all. It remains to be seen if the stock rebounds any time soon.
DRNK stock is trading below the 20-Day and 50-Day Moving averages of $0.0007 and $0.0009 respectively. Moreover, the stock has pivot point at $0.0005. The stock is down 28% in the past month.