Organic plant based nutritional innovation and sciences firm NutraNomics Inc (OTCMKTS:NNRX) did not have a great time in the markets on Tuesday as its stock suffered from a selloff and went down by as much as 12.50%.
Trading Data
On Tuesday, NNRX stock fell 12.50% to $0.0003 with more than 317.23 million shares traded, compared to volume of 210.02 million shares. The stock moved within a range of $0.0003 – 0.0004 after opening trading at $0.0004.
NutraNomics Files 8K Affirming Acquisition of Fully Licensed Vertically Integrated Cannabis Operation
Although the stock performed poorly, it is important to keep in mind that the company did make a major announcement yesterday and it may be a good idea to take a look into it. NutraNomics announced yesterday that it had been successful in completing the acquisition of DHS Development and its affiliates in their entirety. It was a major new development but did not get the thumbs up from investors.
The Chief Executive Officer of the company Jonathan Bishop spoke about the acquisition too. He noted that the acquisition is expected to bring about considerable upside for NutraNomics since it is going to help it in becoming an important player in the vertically integrated cannabis niche.
The acquisition is going to give NutraNomics access to the lease of a manufacturing unit spanning 30,000 square foot and cultivation plans spanning an area of 28,000 square foot. It now remains to be seen if the NutraNomics stock can actually manage to make a recover any time soon.
Key Quote
“This transaction positions the Company for significant upside potential as an emerging leader in the vertically integrated cannabis products space,” commented Jonathan Bishop, CEO of NutraNomics.
Technical Data
NNRX stock is trading below the 20-Day and 50-Day Moving averages of $0.0004 and $0.0004 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0005.
