Although CarbonMeta Technologies Inc (OTCMKTS:COWI) was in the news yesterday following an announcement, it should be noted that the company’s stock has been a notable laggard over the past week and has tanked by as much as 29% during the period.
On Tuesday, COWI stock ended flat at $0.0005 with more than 84.80 million shares, compared to its average volume of 174.65 million shares. The stock has moved within a range of $0.0004 – 0.0006 after opening trade at $0.0004.
Signs Licensing Agreement
In this situation, it may be a good idea for investors to take a look at the announcement from the company and figure out if the stock can actually bounce back any time soon. On Tuesday, CarbonMeta Technologies announced that it inked a trade secret licensing agreement with the company EcoMena Limited, which is based out of the United Kingdom.
As per the provisions of the agreement signed by CarbonMeta Technologies, the company is going to collaborate with EcoMena for the purpose of developing construction materials and products which are friendly to the environment.
The products are going to be manufactured in such a way that it could absorb carbon dioxide during the course of the manufacturing process. It goes without saying that it was a significant announcement from the company and the project could eventually turn out innovative environment friendly products. However, at the same time, it remains to be seen if investors do get back to the stock or not.
“This licensing agreement will help CarbonMeta advance our vision to implement technologies and solutions for processing organic wastes – including the capture of carbon dioxide – into sustainable high-value products.” said Lloyd Spencer, chairman and CEO of CarbonMeta. “Our goal is to collaborate with EcoMena and establish subsidiary operations to develop and market cement-free pavers and mortars globally that can help offset carbon dioxide emissions into our environment which has reached crisis levels worldwide.”
COWI stock is trading below the 20-Day and 200-Day Moving averages of $0.0006 and $0.0006 respectively. Moreover, the stock is trading below the 200-Day moving average of $.0010. The stock is down 28% in the past week.