Hemp and CBD laced beverages commercial development company Branded Legacy Inc (OTCMKTS:BLEG) saw its stock take a beating in the market yesterday as it declined by as much as 24% amidst a heavy selloff.
Trading Data
On Wednesday, BLEG stock went down 24.25% to $0.0303 with more than 282K shares, compared to its average volume of 18K shares. The stock moved within a range of $0.0300 – 0.0391 after opening trade at $0.0349.
Branded Legacy, Inc. Signs Letter of Intent to Acquire Kamino Propagation & Research, LLC
In light of such a selloff, it may be important for investors to figure out if the stock is going to continue to tank or if there is going to be a recovery. Yesterday, the company came into focus after it announced that it had inked a letter of intent for the acquisition of the company Kamino Propagation & Research LLC. It was a major new announcement from the company but it seems that investors were not particularly happy at the development.
In this situation, it may be a good move to perhaps take a closer look at the acquisition target and then make up your mind one way or another. Kamino is owned by Joel Reynolds and Maxwell Minch, two army veterans and is based out of Newberry in Florida. The company is involved in the hemp space and is engaged in farming, harvesting, growing and farming it. It is going to be interesting to see if the market sentiments improve with regards to Branded Legacy stock in the coming days.
Key Quote
Branded Legacy’s Vice President, Matthew Nichols, stated, “We are continuing our advancement to make 2022 a cornerstone year. The Company is positioning itself to have more production and development opportunities as these potential acquisitions are finalizes. Acquiring a company like Kamino opens so many opportunities for new product growth and Company growth.”
Technical Data
BLEG stock is trading below the 20-Day and 50-Day Moving averages of $0.0367 and $0.0365 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0490.
