Investors in Grand Havana Inc (OTCMKTS:GHAV) have not had a great time in recent days and it was the same on Wednesday as the stock tanked by another 3% amidst a selloff. In this situation, it is important to note that the selloff on Wednesday extended the losses over the course of the past week to as much as 8%.
Trading Data
On Wednesday, GHAV stock fell 3% to $0.0094 with more than 750K shares, compared to its average volume of 736K shares. The stock moved within a range of $0.0090 – 0.0094 after opening trade at $0.0090.
Grand Havana Announces CEO Transition
Yesterday, the company had actually come into focus after it announced that the five year contract of its Chief Executive Officer Robert Rico had ended officially. However, Rico is going to continue to be a member of the company’s board of directors and continue to work for Grand Havana in the capacity of a consultant.
The departure of a CEO can often lead to such reactions in the market and that is what seemed to have happened with the Grand Havana stock on Wednesday. In this regard, it is also necessary to add that Grand Havana has already made Tanya Bredemeier the new Chief Executive Officer. While the stock did decline sharply yesterday, it now remains to be seen if it can manage to make a recovery over the coming days. It may be a good time to keep an eye on it.
Key Quote
Tanya Bredemeier, CEO of Grand Havana proudly states; “My vision is to brand Grand Havana as a household name by immediately expanding our cafe portfolio. It’s time to open a new store in Miami. We plan to open our new location before June 30th, 2022. In addition, we plan to expand our online presence by focusing on increasing online sales in 2022. I am so proud of what we have achieved so far working with Mr. Rico for the last five years, and look forward to continuing working with Mr. Rico as a consultant as we still have a long way to go.”
Technical Data
GHAV stock is below the 20-Day and 50-Day Moving averages of $0.0102 and $0.0120 respectively. Moreover, the stock is trading below the 200-Day moving average of $002170051.
