Multi strategy holding company Novation Holdings (OTCMKTS:NOHO) saw its stock trade within a range on Tuesday and today many investors will probably be hoping for a breakout. The expectation among some investors may not be entirely misplaced considering the fact that that the company made a major announcement yesterday.
Trading Data
On Tuesday, NOHO stock ended flat $0.0005 with more than 607.42 million shares, compared to its average volume of 156.04 million shares. The stock has moved within a range of $0.0005 – 0.0007 after opening trade at $0.0006.
Novation Holdings, Inc. Acquires CraftClouds – NFT Creation Platform and Marketplace
Novation announced on Tuesday that it inked a Share Exchange Agreement by way of which it was going to pick up the entirety of all outstanding membership interests in the company CraftClouds LLC. The transaction is going to be completed through the exchange of Novation Holdings common stock.
It goes without saying that the announcement was a significant one from the company and it now remains to be seen if there is any move on the Novation stock in the coming days. The acquisition is going to see the entry of Novation into the NFT or non-fungible token space.
CraftClouds is best known for operating an advance NFT platform and has also managed to build its own ecosystem for good measure. At this point in time, it may be a good move from investors to consider adding the stock to their watch lists and watch for further developments in the coming days.
Key Quote
Michael Gelmon, President and CEO of Novation Holdings, Inc. stated “Based on the astounding statistics and recent activity within the NFT marketplace, there is no doubt that NFT’s are not only here to stay but are only going to increase in popularity and in overall transactional volume. With this increase in demand, the market is ripe for a marketplace such as CraftClouds in which artists can create, mint, market and sell their NFT’s to captivated audiences. I am very impressed with CraftClouds’ talented group of programmers and developers and it is our strategy and intent to plug in a major marketing and sales component to round out the team.”
Technical Data
NOHO stock is below the 20-Day and 50-Day Moving averages of $0.0006 and $0.0006 respectively. Moreover, the below is trading below the 200-Day moving average of $0.0008.
