Nevada registered company Sibannac Inc (OTCMKTS:SNNC) had been in focus back on Thursday after it provide a major update and that led to gains of as much as 28% for the day. Considering the magnitude of the gains made by the company, it could be a good move now to consider taking a closer look at the news and then figure out how to proceed.
Trading Data
On Friday, SNNC stock surged 28.26% to $0.0590 with more than 415K shares traded, compared to its average volume of 84K shares. The stock moved within a range of $0.0404 – 0.0950 after opening trading at $0.0510.
Sibannac, Inc. Enters Collaboration with World Renowned Product Formulator and Provides Corporate Updates
The company announced that it had decided to collaborate with Gary Kehoe, a globally famed formulator and product designer. It ought to be noted that there had been anticipation with regards to this appointment for some time and hence, the announcement perhaps led to a wave of optimism about the stock.
Kehoe is an entrepreneur in his own right and is best known for developing innovative products rapidly and getting those to launch. In addition to that, he has shown an innate ability to come up with new product concepts and has also been known for identifying revolutionary technologies with ease.
He is an inventor in his own right and holds in excess of 20 patents in the United States alone. It may be a good time to start tracking the stock.
Key Quote
Sibannac’s CEO, David Mersky, has agreed to exchange $475,000 in compensation for stock. This transaction results in eliminating debt and ensures Mr. Mersky’s long-term commitment to the Company. “At long last we’ve assembled the best team and are now executing on our vision to bring premium wellness products to the market. I decided to go all-in and take my compensation in stock as I am firmly committed to Sibannac’s future, said Mr. Mersky.
Technical Data
SNNC stock is trading above the 20-Day and 50-Day Moving averages of $0.0519 and $0.0559 respectively. However, the stock is trading below the 200-Day moving average of $0.0993.
