The Fomo Corp (OTCMKTS:FOMC) stock has given nothing but grief to its investors over the course of the past week and the situation remained the same yesterday as the stock plunged by another 14% amidst a selloff. That took the declines recorded over the course of the past week to as much as 25%.
On Monday, FOMC stock fell 14.30% to $0.0012 with more than 97.14 million shares, compared to its average volume of 109.65 million shares. The stock has moved within a range of $0.0012 – 0.0014 after opening trade at $0.0014.
Fomo & Smartsolution Announce Record Year
While the situation seems desperate, there was some good news for FOMO CORP yesterday as positive news emerged with regards to SMARTSolution Technologies LP, the company it has targeted for an acquisition. SMARTSolution Technologies is an audio-visual firm that is primarily involved with non-profits, education and corporations.
Yesterday, the company announced that it had contracts worth as much as $8.4 million in its books as of December 31, 2021 and out of that, $4.8 million had been closed. SMARTSolution Technologies also announced that the rest of the contracts are going to be closed in the first fiscal quarter of 2022.
Hence, it goes without saying that the news with regards to SMARTSolution Technologies is a positive one for FOMO CORP, assuming that the acquisition is going to go through eventually. At this point, investors could do well to keep an eye on the developments.
Mitchell Schwartz, Founder and CEO of SST said: “Despite the current COVID pandemic and its attendant logistics and manpower issues, our team has accomplished an over 160% increase in business activity over the past year. We are thrilled with our customers’ continued acquisition of classroom technology and their trust in our services to provide them. We are looking forward to this continued growth into 2022 and beyond.”
FOMC stock is below the 20-Day and 50-Day Moving averages of $0.0012 and $0.0012 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0025. The stock is down 20% in the past week.