There were many stocks which ended up with significant declines this past Friday and one of those was the Global Tech Industries Group (OTCMKTS:GTII) stock. The stock suffered from a sharp selloff and ended the day with a decline of as much as 10%.
Trading Data
On Friday, GTII stock fell by 9.67% to $1.54 with more than 282k shares, compared to its average volume of 285k shares. The stock has moved within a range of $1.4200 – 1.7100 after opening trade at $1.71.
Signs Purchase Agreement for the Acquisition of Classroom Salon Holdings LLC.
While it is true that there was no news about the company on Friday, Global Tech Industries made a key announcement on Saturday, December 18 and investors could do well to take a look at it before the start of trading today. The Nevada corporation announced at the time that it had completed a member unit purchase agreement by way of which it is going to be able to complete the acquisition of Classroom Salon Holdings LLC.
In this context, it is also necessary to keep in mind that the company had earlier extended the execution date for the transaction to December 30, 2021. However, it seems that the investors were not particularly thrilled with the development and that possibly led to the strong selloff in the Global Tech Industries stock on Friday. At this point in time, it remains to be seen it the stock can make a recovery any time soon.
Key Quote
David Reichman, Chairman of GTII stated “The signing of this agreement means something very personal to me, both as Chairman and a long-standing shareholder in the Company. Our management team has been able to combine and synergize our obligation to ‘work smart’ for our shareholders with our desire to ‘do good’ on their behalf. These new workflows will allow students from anywhere, even those with limited means, to access some of the latest learning tools and technologies on the horizon today. I believe this is a great day for GTII.”
Technical Data
GTII stock is trading above the 50-Day and 100-Day Moving averages of $1.29 and $1 respectively. Moreover, the stock is above 200-Day moving average of $1.50. The stock is up 19% in the past month.
