Although the company did make a significant announcement yesterday, the AllStar Health Brands Inc (OTCMKTS:ALST) stock did not get much joy in the markets and went down by as much as 10% on Thursday.
Trading Data
On Thursday, ALST stock fell 10% to $0.0027 with more than 27.42 million shares, compared to its average volume of 2.11 million shares. The stock moved within a range of $0.0025 – 0.0045 after opening trade at $0.0028.
AllStar Health Brands Inc. Announces the Formation of AllStar Global Media
Yesterday the company announced that it had been successful in signing a Memorandum of Understanding with regards to the formation of a strategic partnership with the firm Media Fusion Inc. As per the provisions of the partnership, the two entities are going to be involved in the development of AllStar Global Media. That entity is going to be involved in developing medical as well as health-related content for the purpose of advancing the cause of healthy level at a global level.
See Why OTC Investors Should Put This Medical Technology Stock On Their Watchlist Now.
The entity is going to be involved in the production, distribution and market of products as well as content that is going to be focused on the pharmaceutical industry in the initial days. In turn, it is going to help medical companies in expanding their reach far more effectively. While it is true that this could well prove to be a major move for the company, investors did not seem particularly enthused about the whole thing, and the stock suffered from a strong selloff.
Key Quote
Pete Wanner, CEO of AllStar says” This is an exciting time for AllStar, allowing us to work our way into the media business with a partner rich in background and expertise. We see huge upside in the future for this partnership.”
Technical Data
ALST stock is trading below the 20-Day and 50-Day Moving averages of $0.0036 and $0.0055 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0115.
