Renewable Energy & Power Inc. (OTCMKTS: RBNW) fell 50% after its subsidiary Lust for Life footwear LLC announced the shipping of its Spring Sandals on time even though the company has been experiencing supply chain and shipping disruptions rocking the whole sector.
Trading Data
On Thursday, RBNW stock slumped 50% to $0.0001 with more than 1.59 billion million shares traded, compared to its average volume of 159.66 million shares. The stock moved within a range of $0.0000 – 0.0002 after opening trading at $0.0001.
Recent News
However, the company has succeeded in minimizing shipping challenges via vessel pre-booking, organizational streamlining and sourcing from reliable factories. The strategy has allowed the company to deliver the popular sandals to customers and insured a potential 50% growth possibility next year in shipping money.
Lust for Life is currently ramping up and foraying to men’s footwear. The company is enlisting a top retailer for women’s and men’s footwear production at its Mexican operation. Manufacturing is expected to commence in September or October this year for men’s line with women’s line following after with sandal.
The company’s Mexican factories are part of the USMCA treaty, which is a massive incentive since there is no duty. So investors should watch RBNW in the coming days.
Technical Data
RBNW stock is trading below the 20-Day and 50-Day Moving averages of $0.0002 and $0.0002 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0004.
