If you are currently looking into stocks that may have made substantial gains on Tuesday then it could be a good idea to check out the Seven Arts Entertainment Inc (OTCMKTS:SAPX) stock. The stock had come into sharp focus among investors yesterday and ended up with gains of as much as 10% as a consequence.
Trading Data
On Tuesday, SAPX stock surged 10% to $0.0022 with 9.57 million shares, compared to its average volume of 9.33 million shares. The stock moved within a range of $0.0017 – 0.0022 after opening trade at $0.0019.
About Seven Arts Entertainment
The company is known as an independent motion picture production and distribution entity. The company is involved in the acquisition, financing, development, production, and licensing of motion pictures, which are then exhibited in theatrical markets throughout the world. In addition to that, Seven Arts Entertainment also provides the motion pictures it produces in other forms like pay television and home video among others.
However, that is not all, Seven Arts Entertainment is also involved in selling licensing rights in motion pictures and is also engaged in recording and production of music. The company operates a post-production and film production facility in New Orleans.
Seven Arts Entertainment Provides Update on Up-listing Efforts
The possibility of uplisting a stock is almost always a major piece of news for any company and on Tuesday, Seven Arts Entertainment provided an update with regards to its efforts about its uplisting. The company came into focus yesterday after it provided an update with regards to the steps that it had taken for the purpose of getting uplisted to SEC Reporting status from Pink Alternative Reporting.
The announcement seemed to have come as a source of considerable excitement for investors and the stock jumped as investors piled on to it in a big way. It is going to be interesting to see if the stock can manage to hold on to its momentum today and add to its gains further.
The company announced that earlier on in the month on July 15 it had submitted an 8K to the United States Securities and Exchange Commission. In the above-mentioned filing, it was noted that Seven Arts Entertainment had engaged the services of BF Borgers CPA PC as its auditor.
In the update that was provided on Tuesday, Seven Arts Entertainment also noted that the filing of the 8K was the necessary first step by way of which it would be able to create the right chronology before getting the potential nod for the uplisting. After this filing, the company would follow it up with the submission of Form 10, which is going to be made up of two years of the company’s audited financials.
Seven Arts Entertainment Provides Fiscal Year-End Update and Next Fiscal Year Projections
In the release on Tuesday, it was noted that after the end of the fiscal year on June 30, 2022, the Seven Arts Entertainment management believed it was the right time starts with the steps towards the uplisting of the stock. It would not only help in boosting the Seven Arts Entertainment brand considerably but also lead to greater transparency and lead higher confidence among shareholders about the stock. Seven Arts Entertainment also announced yesterday that it was going to continue to provide updates with regard to the process.
Technical Data
SAPX stock is trading above the 20-Day and 50-Day Moving averages of $0.0017 and $0.0014 respectively. However, the stock is trading below the 200-Day moving average of $0.0023. The company has a total market capitalization of $785K. The stock is up 22% over the past 3-month.
