XCPCNL Business Services (OTCMKTS:XCPL) is a minority-owned and controlled firm based in Charlotte, NC. It is a venture development organization that leverages its knowledge, skills, and experience in the consumer products industry. Their goal is to provide marketing, technology, and other business services to fast-growing consumer product companies and big-box retailers.
Trading Data
On Monday, XCPL stock slumped 39% to $0.0061 with 53.09 million shares, compared to its average volume of 3.67 million shares. The stock moved within a range of $0.0060 – 0.0104 after opening trade at $0.0101.
Xcpcnl and Mcap media inc. Announce termination of letter of intent
XCPCNL Business Services Corporation, along with MCAP Media Inc., an established multimedia/publishing firm, has announced on July 25, 2022, about both parties mutually being in agreement to terminate the previously announced letter of intent between the parties. XCPCNL will continue to use the services of MCAP Media and evaluate other opportunities with MCAP Media within the Tech Space.
Timothy Matthews, Chief Executive Officer of XCPCNL, has commented that due to their status as a minority owned company, they have decided that the timing of the completion of this transaction could jeopardize the minority preference status. It could also cause issues for the bandwidth to complete the Centiment Capital reverse merger. He thanks MCAP Media and its team for their unwavering support, and wishes them success as they negotiate an alternative transaction.
The reverse merger with Centiment Capital Holdings was announced on July 22, 2022. Centiment is the world’s first neurotech-enabled, for-profit, anti-bias-driven machine learning company. It is built on understanding neuro-data-driven problems in artificial intelligence and utilizing neuroscience-driven tools, technology, and apparatus to solve them.
The reverse merger involves a totally new management infrastructure. Tim Matthews and Micah Brown will act as co-CEOs until a qualified tech-based CEO is appointed. Tim Matthews is set to step down in approximately sixty days to facilitate the transition. To maintain full transparency with each of the company’s shareholders, both parties have mutually agreed to address their long-term future together.
Assets of XCPCNL Business Services will be merged with and into Centiment Capital’s assets. The company is also set to seek a name and ticker change. The agreement between XCPCNL and Centiment states that no reverse split will take place as part of this transition, protecting current shareholder’s positions and value, which is expected to be improved.
As per both parties, the reverse merger should be done within sixty days. The new company will operate under the name Centiment Technology Group. Another major announcement is awaited after the complete closing and transition.
Key Quote
“In light of our status as a minority owned company, we have concluded that the timing of completing this transaction may jeopardize our minority preference status, along with needing the bandwidth to complete the Centiment Capital reverse merger. We are thankful for the support of MCAP Media and its team and wish them success as they negotiate an alternative transaction,” stated Timothy Matthews, Chief Executive Officer of XCPCNL.
Technical Data
XCPL stock is trading below the 20-Day and 50-Day Moving averages of $0.0046 and $0.0044 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0291. The company has a total market capitalization of $732K. The stock is up 60% over the past month.
