This past Friday the SFLMaven Corp (OTCMKTS:SFLM) had come into focus among investors and it is likely that the stock is going to get further attention this morning as the markets open for another week. In this situation, it may well be a good idea to actually get a better idea about the nature of the company and its business before getting into specific recent developments.
Trading Data
On Friday, SFLM stock ended flat at $0.0007 with 1.95 million shares, compared to its average volume of 26.05 million shares. The stock moved within a range of $0.0007 – 0.0007 after opening trade at $0.0007.
About The Company
SFLMaven Corp is one of the leading companies in the luxury goods providing business and is best known for providing these premium luxury goods to a global pool of customers. It is best known for conducting the Thursday Night Auction on its eBay store every week. Since it had been established, SFLMaven Corp has managed to generate sales to the tune in excess of $140 million and on top of that, it has also managed to get more than 100000 positive reviews.
SFLMaven Begins to Form an Independent Board of Directors
Last Friday the stock had come into focus among investors after it made a major new announcement and it may be a good time to consider taking a look at it a bit more closely. Not too long ago SFLMaven Corp had announced that it was making plans for uplisting its stock to a bigger exchange.
In addition to that, the company had also announced at the time that it was also planning to complete certain acquisitions. Last Friday, the company announced that it was making a move on that path and hence, had decided to form an independent board of directors. In this regard, it is perhaps necessary to keep in mind that the formation of an independent board is one of the necessary conditions with regard to an uplisting and hence, it can be said that the company managed to hit a significant milestone on its path to getting uplisted.
This step from SFLMaven Corp is going to help the company in getting a listing on a higher tier in the OTC Markets and could also eventually lead to a listing on the NASDAQ exchange. The potential listing on the NASDAQ could actually happen with a $1 initial public offering type round of funding. Joseph Ladin, who is the Chief Executive Officer of the company, spoke about the development as well. He noted that the company had come to a decision with two members already and two more members are going to be selected soon. The independent board is going to be made up of 5 members and the 5th member is going to be Ladin himself.
Ladin also noted that the individuals who have been added to the SFLMaven Corp boa3rd a3re all business people of high calibre in their particular professions and meet the criteria that had been set by the company. It is expected that the new independent board is going to bring significant value to the company. It seems that the latest announcement could usher in a new era at SFLMaven Corp and hence, it may not be a surprise to see the stock coming into focus.
Key Quote
CEO Joseph Ladin said: “We have two members now whom we will announce soon and are seeking two more for a five-person board, including myself.”
Mr. Ladin added: “These individuals are top-notch business people in their respective fields who meet the independent board criteria and bring real value to our board.”
Technical Data
SFLM stock is trading below the 20-Day and 50-Day Moving averages of $0.0007 and $0.0007 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0018. The company has a total market capitalization of $871K The stock is down 14% over the past month.
