PSYC Corporation’s (OTCMKTS:PSYC) CEO David Flores, spoke in detail about the future of the company, to host of The Stock Day Podcast, Sever Copley. The company is touted to be the multimedia leader in the emerging psychedelic space. Their 100% owned and operated media platform, Pyschedelicspotlight.com, has further cemented its position in the industry, as it is one of the top-ranking sources for news, information, and resources regarding the psychedelic sector.
On Friday, PSYC stock slid 12.50% to $0.0038 with more than 64K shares, compared to its average volume of 708K shares. The stock moved within a range of $0.0035 – 0.0040 after opening trade at $0.0035.
Flores said they are greatly focused on expanding and have secured an equity-based financing deal for $350,000. It is a big move on their part, as they look to move away from debt-based financing and focus more on equity-based financing. He hopes it will put them in a better position to seek potential acquisition opportunities.
He spoke about the launch of their wholly-owned subsidiary, Spotlight Media Corporation. The objective is to consolidate all media assets into this subsidiary. It helps them diversify their capability to expand on their media assets, which is what they would like to focus on in the second half of 2022.
The company has also teamed up with the Spore Group – it is an excellent opportunity to use the latter’s knowledge and expertise while organizing events and conferences. This could be combined with the platform at Psychedelic Spotlight and their ability to create top-quality, engaging, and top-notch content.
PSYC stock is below the 20-Day and 50-Day Moving averages of $0.0039 and $0.0043 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0066.