Yesterday, the Integrated Cannabis Solutions Inc (OTCMKTS:IGPK) stock had been in the middle of a pretty sharp selloff and ended up with a decline of as much as 19% as a consequence. While the decline in the stock was quite sharp, it ought to be noted that on Monday Integrated Cannabis Solutions had actually made a key announcement with regards to the closure of its first transaction for the year.
Trading Data
On Monday, IGPK stock moved down 19.05% to $0.0017 with more than 31.20 million shares, compared to its average volume of 3.93 million shares. The stock moved within a range of $0.0016 – 0.0025 after opening trade at $0.0021.
Integrated Cannabis Solutions Announces It Has Officially Closed its First Acquisition
The company announced yesterday that Integrated Holding Solutions Inc, its fully owned subsidiary company had managed to complete the transaction for picking up a 49.9% stake in the company GCTR Management LLC.
The transaction was completed through the exchange of as many as 598800 Series B preferred shares in the company. However, in this regard, it ought to be noted that the company also took up an option by way of which it could pick up the rest of the stake in exchange for 601200 Series B preferred shares. It was a major new announcement from the company but it was not welcomed by investors at all and the stock declined sharply as a consequence. It now remains to be seen if it can recover at any point this week.
Technical Data
IGPK stock is below the 20-Day and 50-Day Moving averages of $0.0019 and $0.0023 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0030.
