While it is true that the Exxe Group Inc (OTCMKTS:AXXA) stock has had a harrowing time in the past week and has recorded a decline of as much as 13% during the period, the company made a series of major announcements yesterday.
Trading Data
On Wednesday, AXXA stock gained 0.95% to $0.0212 with more than 6.62 million shares, compared to its average volume of 17.54 million shares. The stock moved within a range of $0.0210 – 0.0235 after opening trading at $0.0218.
Exxe Group to Reduce Debt, Adjust Future Share Count, Enhancing Shareholder Value
Anyone who is interested in the long term situation at the company could do well to take a look into it. The company, which is involved in real estate, financial technology and private equity, announced yesterday that it had put in place a process for strengthening the balance sheet. In order to achieve that, Exxe has decided to cut down aged debt and also reduce the share count.
On the other hand, the yearly debt maturity liabilities to the tune of as much as $20 million is also going to be converted, eliminated and reduced by Exxe. The equity owned by the company is also expected to rise in light of the debt reduction initiatives and the strengthening of the company’s balance sheet. The company also announced yesterday that bring in changes to the capital structure and one of the steps is going to be the limit to the stock issuance in the quarter that ends on June 30 this year.
Technical Data
AXXA stock is trading below the 20-Day and 50-Day Moving averages of $0.0273 and $0.0395 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0343.
