There were a number of stocks which fell sharply on Thursday and one of those was the Reviv3 Procare (OTCMKTS: RVIV) stock, which ended up with a decline of as much as 20%. Considering the sheer magnitude of the loss, it may now be a good time for investors to work out if the stock could actually make a recovery any time soon.
Trading Data
On Thursday, RVIV stock slid 20% to $0.1198 with more than 3.8K shares, compared to its average volume of 7.2K shares. The stock moved within a range of $0.1100 – 0.1397 after opening trade at $0.1235.
Reviv3 Procare acquires AXIL & Associated Brands for $33M
Yesterday, the company was actually in the news after it announced that it had acquired the assets of the company AXIL & Associated Brands for a sum of around $33 million. The deal was completed in both common stock and preferred stock.
The latest acquisition could well prove to be a long term boost for Reviv3 but investors did not seem particularly happy with the deal and headed for the exits. AXIL is a hearing protection and enhancement items company.
The acquisition is expected to be closed within 90 days from the agreement and it is going to be interesting to see how the stock performs during that period. Reviv3 believes that the acquisition is going to help the company in expanding its product offerings considerably. It may be a good idea to keep an eye on the stock.
Key Quote
“This transaction marks a significant opportunity for expansion of our product offering and revenue profile,” said Jeff Toghraie, CEO and Chairman of Reviv3. “AXIL’s product portfolio and sales channels open up additional growth potential and allow us to substantially enhance our cash flow generation capabilities. We are delighted to welcome the Axil team to Reviv3 and continue to build value for our customers and shareholders.”
Technical Data
RVIV stock is trading below the 20-Day and 50-Day Moving averages of $0.13 and $0.15 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.18.
