In recent times, the wellness industry has garnered considerable attention from investors but in the past week, the Better For You Wellness Inc (OTCMKTS:BFYW) stock has performed poorly and tanked by as much as 40% owing to a sharp selloff.
Trading Data
On Wednesday, BFYW stock gained 0.72% to $0.0700 with more than 2.93 million shares, compared to its average volume of 484K shares. The stock has moved within a range of $0.0567 – 0.0800 after opening trade at $0.0695.
Enters Equity Purchase Agreement with Williamsburg Venture Holdings
However, in this context, it needs to be pointed out that on WednesdayBetter For You Wellness actually made a key announcement and it is something that investors could do well to look into. The announcement was in relation to the term sheet that had signed by the company with Williamsburg Venture Holdings LLC back on September 17 this year.
The company announced yesterday that after the signing of the term sheet, Better For You Wellness signed an Equity Purchase and Registration Rights agreement with Williamsburg Venture. As per the terms of the agreement, Williamsburg Venture agreed to Better For You Wellness common stock to the tune of a maximum of $30,000,000.
It goes without saying that it was a significant development for the company and one that might bring about a degree of optimism among investors as well. It now remains to be seen if the announcement made by Better For You Wellness yesterday helps in any kind of rebound in the stock.
Technical Data
BFYW stock is trading in the oversold zone as RSI stands at 28. The stock is trading below the 20-Day and 50-Day Moving averages of $0.1107 and $0.1437 respectively. The stock is down 56% in the past month.
