Despite the announcement of a fairly positive development yesterday, the HPIL Holding (OTCMKTS:HPIL) stock did not get the favor of investors and tanked by as much as 11% for the day. Yesterday, the company announced that it had managed to bag capital commitment to the tune of as much as C$32 million from the company GEM Global Yield SCS.
Trading Data
On Wednesday, HPIL stock fell 11.11% to $0.0008 with more than 30.30 million shares, compared to its average volume of 101.14 million shares. The stock moved within a range of $0.0006 – 0.0008 after opening trading at $0.0006.
HPIL Holding Secures a $CAD 32 Million Capital Commitment from GEM Global Yield LLC SCS (“GEM”)
The capital commitment has been made for 36 months after the listing of the company on the Canadian Stock Exchange. Such a capital commitment can prove to be a considerable long-term boost for HPIL and hence, it remains to be seen if the stock can rebound any time soon.
The company noted that it seeks to use the funds from this capital commitment to boost the strength of its operations and for providing the necessary financial resources to the various business segments. In addition to that, HPIL Holding will also be looking to use these funds for the purposes of incubating new technologies. At this point, it may be a good idea to keep an eye on further developments with regard to HPIL.
Key Quote
“This agreement with GEM helps to secure funding for continued growth and development of the Company as we continue to bring innovative technologies to our key business segments,” stated Stephen Brown, CEO of HPIL.
Technical Data
HPIL stock is trading below the 20-Day and 50-Day Moving averages of $0.0009 and $0.0010 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0026.
