On Wednesday, there was not a lot of movement in the Tribe Property Technologies Inc (OTCMKTS:TRPTF) and it stayed within a range. However, in this situation, it is also necessary to note that the company did make a major announcement yesterday and it is important to figure out if it is going to have an effect on the Tribe Property Technologies stock today.
Trading Data
On Wednesday, TRPTF stock ended flat at $3 with more than 300 shares traded, compared to its average volume of 40 shares. The stock has moved within a range of $3.0000 – 3.0000 after opening trading at $3.
Announces Brokered Financing and Strategic Investment from Round13 Growth Fund
The company announced yesterday that it had signed an agreement with Stifel GMP for being the sole book runner. In collaboration with Cormark Securities Inc, Stifel is going to work as the co-lead agent in the planned offering of units in Tribe Property Technologies.
It was also revealed that Tribe Property Technologies was looking to raise a total of a maximum of $15 million from the marketed offering of its units. At this point, the units have been priced at $4 each. While it is true that it was a major announcement from the company, it is also true that it did not elicit much of a reaction from market participants. It now remains to be seen if the stock gets any attention from investors in the coming days or not.
Key Quote
“We are delighted to partner with Tribe’s exceptional management team and help realize on Tribe’s vision to digitize the property management industry,” said Sanjiv Samant, Managing Partner of Round13 Capital. “We are excited to support the acceleration of Tribe’s robust product roadmap of property management technology tools as well as the Company’s plan to bring its products to new markets via M&A.”
