SPO Networks Inc (OTCMKTS:SPOI) is a company that is involved in acquiring entities across a range of industries and it is currently in focus among many investors. In this context, it could be a good idea for investors to perhaps look into the announcement from the company yesterday.
Trading Data
On Tuesday, SPOI stock moved down 84% to $0.0006 with more than 242.01 million shares, compared to its average volume of 1.67 million shares. The stock moved within a range of $0.0005 – 0.0034 after opening trade at $0.0034.
SPO Networks, Inc. (SPOI) Announces Plans For A Reverse Stock Split
SPO Networks announced yesterday that its Board of Directors as well as the majority of the shareholders had granted the necessary approval for the reverse split of the company’s common stock. The stock is going to be split in a 1 to 1000 ratio.
In general, the news of a reverse split may not be particularly gratifying for investors and it is going to be interesting to see how the market reacts to the news over the rest of the week. The company had a total of 8,366,207,783 shares outstanding as on February 21, 2022. In addition to that, the Chief Executive Officer and Founder of the company,
Tom Smith also decided to retire or cancel as many as 3,965,471,162 shares in the company. The reverse split is going to come into effect fifteen days after the announcement from the company. It may be a good time to keep an eye on the SPO Networks stock.
Technical Data
SPOI stock is below the 20-Day and 50-Day Moving averages of $0.0033 and $0.0039 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0051.
