It was not a particularly great day in the markets for investors in TGI Solar Power Group Inc (OTCMKTS:TSPG) as the company saw its stock suffer from a selloff and end the day with a decline of as much as 7%.
In light of the fall in the stock price, it may be a good time for investors to figure out if the stock is going to continue to slide or if there is a possibility of recovery at some point. First and foremost, it is important for investors to first know the nature of the company before delving into the latest developments with regard to TGI Solar Power Group.
Trading Data
On Tuesday, TSPG stock fell 7.70% to $0.0060 with more than 3.22 million shares traded, compared to a volume of 826K shares. The stock moved within a range of $0.0039 – 0.0065 after opening trading at $0.0063.
About TGI Solar Power Group
The company operates in the form of a diversified holding company. TGI Solar Power Group is involved in the acquisition of designs, methodologies, technologies, components, and processes that are innovative and patented, but also have commercial value. The company seeks to create competitive advantages through these acquisitions and then boost shareholder value.
TGI Subsidiary to Acquire Miami- based Metaverse Developer XR-Labs
The fall in the stock came about after the company made a key announcement with regard to one of its latest potential acquisitions. TGI Solar Power Group announced that Advent Galaxy Inc, which is one of its fully owned subsidiary companies, had reached an agreement with regard to the acquisition of XR Labs LLC.
While the deal is yet to be finalized, it should be noted that TGI Solar Power Group is currently working on the due diligence of the deal with accountants, attorneys, and members of the management of the two entities. While the potential acquisition may well prove to be a long-term boost for TGI Solar Power Group, the news did not come as a source of optimism for investors, and the stock suffered from a sharp selloff.
In this context, it may be a good idea to take a look at the statements from the Chief Executive Officer of TGI Solar Power Group Henry Val. He stated that TGI Solar Power Group had chosen XR Labs as an acquisition target after a lot of thought. Considering the fact that it is based out of Miami made the decision easier for TGI Solar Power Group. However, that is not all.
He went on to note that XR Labs had become the hub of development work with regard to augmented reality and extended reality. He added that the company also boasted of a talented and young team of developers and that was another factor behind the decision to acquire.
Advent Galaxy(TM), Division of TGI Enters Metaverse AR / VR World by Developing ADVENT Mega Mall REAT UPDATE
In this situation, it may be a good idea to take a look at the development from back on March 3 with regards to TGI Solar Power Group. At the time, the company announced that it had made a move into the fast-growing and potentially lucrative world of the metaverse. The company accomplished that by getting into the development of the AR/VR ADVENT MEGA MALL metaverse. In addition to that, a native NFT gallery had also been established.
Technical Data
TSPG stock is trading above the 20-Day and 50-Day Moving averages of $0.0049 and $0.0041 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0054. The company has a total market capitalization of $10.23 million. The stock is up 58% over the past month.
