It has been a fairly tough time for Verde Bio Holdings Inc (OTCMKTS:VBHI) in the past week as the stock suffered from a steady selloff and ended up with a decline of as much as 10%. While the decline in the stock may have been quite alarming, it is however, necessary to note that the stock was in the news yesterday after the company made a key announcement.
Trading Data
On Thursday, VBHI stock gained 2.22% to $0.0092 with more than 3.91 million shares, compared to its average volume of 10.05 million shares. The stock moved within a range of $0.0085 – 0.0098 after opening trade at $0.0095.
Verde Bio Holdings Updates Shareholders
Verde Bio announced yesterday that the due diligence related activities and other work with regards to its agreement to complete the acquisition of a pair of biodiesel plants. It should be noted that both those plants are operational.
It was a significant update from the company and one that could lead to further interest from investors as they eagerly wait for the acquisitions to be closed. The fact that Verde Bio had reached the agreement to acquire these assets had been announced back in December last year.
The Chief Executive Officer of the company Scott Cox spoke about the situation as well. He stated that the transactions were complex in nature and it was necessary for Verde Bio to handle everything as correctly as possible.
Key Quote
The agreement was first announced in a news release in December 2021. “This is a complex transaction, and it is important that everything is handled correctly,” said Scott Cox, VBHI founder and CEO.
Technical Data
VBHI stock is below the 20-Day and 50-Day Moving averages of $0.0100 and $.0108 respectively. Moreover, the below is trading below the 200-Day moving average of $0.0128.
