The announcement of a company’s business in a new country is generally a source of optimism for investors but that was not how investors reacted following the latest announcement from Slinger Bag Inc (OTCMKTS:SLBG) yesterday.
Trading Data
On Tuesday, SLBG stock ended higher by 1.55% to $1.97 with more than 16k shares traded, compared to its average volume of 17k shares. The stock has moved within a range of $1.9600 – 2.0000 after opening trading at $1.96.
Slinger Extends Distribution Agreement with Tennis Bot in the Philippines
On Tuesday, the company announced that it had decided to extend its distribution agreement with Tennis Bot and as a consequence, its products are going to be available in the Philippines. It was a major announcement from the company but there was not a lot of action in the stock and the Slinger stock continued to trade in a range. However, it might still be a good idea to take a closer look at the development and figure out the possibilities for the future.
Tennis Bot is one of the biggest racquet distributors in Asia and has been involved in the distribution of Slinger products in many nations in the continent. In addition to the Philippines, the products are distributed in the market of Singapore, Malaysia and Hong Kong. Despite the fact that the stock was trading in a range yesterday, it may not be a bad idea for investors to add the stock to their watch lists for today.
