Sysorex (OTCMKTS:SYSX) fell 14% after the US-based technology, and the Ethereum mining company gave a corporate update to its stockholders. CEO Wayne Wasserberg thanked the company’s shareholders, including Bigger Capital Fund LP and District 2 Capital fund LP, which released an open shareholders letter at the beginning of the week, acknowledging the considerable “untapped potential” of Sysorex.
Trading Data
On Wednesday, SYSX stock fell 14.05% to $0.0361 with 41.86 million shares, compared to its average volume of 24.53 million shares. The stock moved within a range of $0.0358 – 0.0525 after opening trade at $0.0415.
Sysorex Provides Business Update
Whereas markets have faced great pressures over the last six or so months due to economic reports and geopolitical tensions, and the price of cryptocurrencies has fallen in tandem, Sysorex remains confident in the Ethereum Blockchain’s potential sustainability of its Sysorex Government Services company.
Our upcoming acquisition with Ostendo Technologies, Inc., which is expected to finalize later this month, is among the many smart moves to produce significant value during the market slump. Wasserberg said that their Sysorex Government Service division has been executing well and has seen substantial revenue growth in the past several months. So SYSX is worth watching.
Key Quote
“At the outset, I would like to thank our valued shareholders, many of whom like Bigger Capital Fund, LP and District 2 Capital Fund LP, which issued an open letter to shareholders earlier this week, recognize the significant “untapped potential” in Sysorex,” stated Wayne Wasserberg, CEO of Sysorex.
Technical Data
SYSX stock is trading below the 50-Day and 200-Day Moving averages of $0.0416 and $0.0340 respectively. Moreover, the stock is trading below 20-Day moving average of $0.5809.
