Medical device manufacturing company RemSleep Holdings Inc (OTCMKTS:RMSL) has seen its stock go on a remarkable downward spiral over the course of the past few days. The carnage continued on Monday as the stock tanked by another 30% and thereby took its decline over the course of the past week to as much as 43%.
Trading Data
On Monday, RMSL stock slumped 30% to $0.0135 with more than 78.10 million shares traded, compared to its average Monday of 19.92 million shares. The stock moved within a range of $0.0111 – 0.0154 after opening trading at $0.0145.
RemSleep Holdings Inc. Provides a Shareholder Update
In light of such enormous decline, it may be the right time for investors to consider taking a look at the development from yesterday and then figure out if the stock can actually bounce back. Yesterday, the company was in the news after it provided an update to its shareholders.
The company noted yesterday that when it submits the 510k form for the device DeltaWave there are going to be a large number of tests that it would need to carry out. The tests are meant for demonstrating to the United States Food and Drug Administration that the device is not only effective but also safe.
RemSleep noted that it actually carried out the relevant tests diligently and the tests were actually performed by independent labs. However, investors don’t seem to be particularly happy about the state of affairs.
Key Quote
“From a new location, to staffing, to new distribution agreements, website updates, and working on our submission, we have been working around the clock on growing every aspect of our company. The failed test is not a result of management, we have run into a problem that we had not anticipated. While we like to keep our shareholders informed as much as possible and try to provide timelines as to when significant events will occur, a lot of those timelines are reliant on third parties working together cohesively to give us timely, accurate results which we can share,” said CEO Tom Wood.
Technical Data
RMSL stock is trading below the 20-Day and 50-Day Moving averages of $0.0178 and $0.0185 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0154.
