Ready-made gourmet and lifestyle meals company Home Bistro Inc (OTCMKTS:HBIS) saw its stock go through a fairly sharp correction on Monday as it ended the day with a decline by 6%. However, at the same time, it should be noted that despite the decline in the stock yesterday, the Home Bistro stock is still up by as much as 30% over the past week.
Trading Data
On Monday, HBIS stock moved down 6.20% at $1.06 with more than 13k shares, compared to its average volume of 39k shares. The stock has moved within a range of $0.9200 – 1.1000 after opening trade at $1.
Home Bistro Inc. Retains Baker McKenzie as Corporate Legal Counsel
The decline in the stock came about on Monday after the company announced it retained the services of Baker McKenzie in the capacity of the new corporate legal counsel. It is a significant post but it seems that investors were not particularly thrilled with the news.
The Chief Executive Officer of the company ZalmiDuchman spoke about the development as well. He stated that the company was pleased to have been able to retain McKenzie in the position. He went on to state that as the company continued on its path to growth there are going to be fresh opportunities. In that context, it was felt by the management at Home Bistro to hire the services of the best possible legal counsel for both business related factors as well as for compliance issues.
Key Quote
Zalmi Duchman, Home Bistro CEO commented, “We are pleased to announce our engagement with Baker McKenzie to represent Home Bistro as corporate counsel. As our Company continues to mature and we are presented with new opportunities, we felt the need to have the best available legal team advising us on both business issues and SEC reporting and compliance matters.”
Technical Data
HBIS stock is trading above the 20-Day and 200-Day Moving averages of $1.04 and $1.05 respectively. However, the stock is trading below the 200-Day moving average of $1.22. The stock is up 25% in the past week.
