Last Friday, the Apollo Healthcare Corp (OTCMKTS:AHCCF) stock was trading in a range but at the same time, it is necessary to keep in mind that stocks trading within a range can also break out. Especially when the company had made a major announcement.
Trading Data
On Friday, AHCCF stock ended flat at $3.52 with 5k shares, compared to its average volume of 4.96k shares. The stock has moved within a range of $3.5200 – 3.5200 after opening trade at $3.52.
Apollo and Anjac Announce Closing of Arrangement
The company made an announcement on Friday with regards to its arrangement with Anjacand 1000009701 Ontario Inc as per the provisions of the Section 182 of the Business Corporations Act (Ontario). It should be noted that the news about the arrangement between the three entities had actually been announcement previously by Apollo Healthcare.
As per the terms of this particular arrangement, the Purchaser decided to pick up all the outstanding and issued Class B shares in Apollo Healthcare. It was a major announcement from the company and one that could have far reaching impact on the company’s business going forward. In addition to that, the shareholders of Apollo Healthcare had also given overwhelming support to this arrangement.
At this point in time, it is going to be interesting to see if the Apollo Healthcare stock can manage to break out in the coming days following interest from investors.
Key Quote
“Our partnership with Anjac will leverage Apollo’s broad service capabilities for its global clients. Anjac’s established and proprietary credentials in personal care and OTC technologies will complement Apollo’s incomparable leadership in driving distinctive, strategic, and first to market product innovation for the benefit of its cherished family of customers.” – Charles Wachsberg, Co-Chief Executive Officer of Apollo
