It was a pretty difficult time for investors in Global Technologies Ltd (OTCMKTS:GTLL) last week as the stock suffered from a heavy selloff and ended up with losses of as much as 29% for the period.
Trading Data
On Thursday, GTLL stock ended lower by 2.56% to $$0.0019 with more than 274.27 million shares, compared to its average volume of 102.19 million shares. The stock has moved within a range of $0.0016 – 0.0022 after opening trade at $0.0021.
Global Technologies, Ltd. to Spin-Off its Wholly Owned Subsidiary, Markets on Main, LLC, to Shareholders in a Stock Dividend
The company mainly operates through a number of subsidiaries and is also involved in the hemp and CBD related space. Last Thursday, the company came into focus among investors after it announced that it was going to spin off its fully owned subsidiary company Markets on Main LLC to the shareholders. While it is true that it was a major announcement from the company it did not lead to any revival in the Global Technologies stock price.
It now remains to be seen if the stock can manage to make a recover over the course of the coming days or not. The company confirmed that earlier on in the month on December 17, the board of directors had also decided to convert Markets of Main to a for profit entity from a limited liability company. After the change takes place, the subsidiary is going to be known as Markets on Main Inc. At this point, investors could consider keeping an eye on the Global Technologies stock.
Technical Data
GTLL stock is trading below the 20-Day and 50-Day Moving averages of $0.0024 and $0.0027 respectively. However, the stock is trading below the 200-Day moving average of $0.0033.
