There has been a lot of pain for investors in the past few trading days and many stocks have performed poorly. One of the notable losers this past week was that SPO Networks Inc (OTCMKTS:SPOI) stock, which suffered from a massive selloff and went down by as much as 75% during the period.
Trading Data
On Friday, SPOI stock ended flat at $0.0007 with more than 40.48 million shares, compared to its average volume of 7.85 million shares. The stock moved within a range of $0.0006 – 0.0009 after opening trade at $0.0008.
SPO Networks, Inc. (SPOI) Releases A Management Discussion Of The Pending Reverse Stock Split
It is a company that is involved in making acquisitions across several industries and back on February 25, it was in the news as well following a key announcement. The company announced on that day that it was aiming to go for a reverse stock split that was going to be affected on 1 to 1000 basis.
Last Friday the company noted that the management had started discussions on the matter. The Chief Executive Officer of the company Tom Smith, who also happened to be the majority shareholders, noted that SPO Networks decided to take the step so that the company could be placed in a much better position.
He noted that it was going to help SPO Networks in building its cannabis business quickly. The decline in the stock has been quite remarkable but it remains to be seen if the stock can actually make a recovery this week.
Key Quote
Tom Smith, the Company’s CEO and majority shareholder, said: “We are taking these steps so that the Company can be in a better position to focus on building out our quickly emerging cannabis business.
Technical Data
SPOI stock is trading below the 20-Day and 50-Day Moving averages of $0.0026 and $0.0036 respectively. Moreover, the stock is below the 200-Day moving average of $0.0051.
