Shares of HTC Purenergy Inc (OTCMKTS:HTPRF) closed sharply higher in the previous trading session. The stock has gained 50% over the past week.
Market Reaction
On Friday , HTPRF stock moved up 39.07% to $0.0299 with 92k shares, compared to its average volume of 17k shares. The stock has moved within a range of $0.0280 – 0.0299 after opening trade at $0.0280.
HTC Looks Toward Acquiring Equity in Starling Brands
HTC Purenergy Inc (OTCMKTS:HTPRF) has entered into an asset sale and purchase agreement with Starling Brands Inc. Pursuant to the agreement, the latter will acquire certain assets used in HTC’s California-based CBD extraction business for the aggregate purchase price of $5,000,000. It is payable in cash or at the option of HTC, the issuance of 5,000,0000 Class A common shares of at the option of HTC, the issuance of 5,000,0000 Class A common shares.
Initial application to the Canadian Securities Exchange (CSE) has been submitted, for listing of the HTC shares. After HTC shares start trading on the CSE, the company expects that the TSX Venture Exchange will voluntary delist the HTC shares. As of now, CSE is yet to review the listing statement of HTC in connection with its application for a listing on the CSE. Listing of HTC shares is likely to be completed in Q1 of 2022.
Lionel Kambeitz, Chairman and CEO of HTC, states that they are thrilled to be an equity owner in Starling Brands, and participating in their vision and execution as a global market player in the science and production of the highest quality cannabinoid extractions and formulations. This acquisition helps to build on HTC’s capacity so they can emerge as one of the biggest manufacturers of distillate in California, while scaling up production of premier quality packaged cannabis consumer goods, as per Ford, Chief Science Officer of Starling Brands.
Traders Review
HTPRF stock is trading below the 200-Day and 50-Day Moving averages of $0.0507 and $0.0369 respectively. Moreover, the stock is trading above the 20-Day moving average of $0.0308. The stock is up 50% over the past month.
