NextMart Inc (OTCMKTS:NXMR) Stock Gains After 43% Common Stock Cancellation

This past Friday there were a number of stocks which had managed to clock notable gains and at the start of a new trading week it may be a good idea for investors to take a look at some of those stocks. It is likely many of those stocks are going to come into focus among investors today and one of those is possibly going to be the NextMart Inc (OTCMKTS:NXMR) stock.

It had been in the middle of a strong upward move on Friday and had ended up with gains of as much as 9% for the day. In this situation, it could be the sensible move for investors to have a better idea about the company, the recent developments regarding NextMart and then figure out if the momentum is going to last in the stock or not.

Trading Data     

On Friday, NXMR stock gained 9.10% to $0.0420 with more than 12.20 million shares, compared to volume of 3.47 million shares. The stock moved within a range of $0.0411 – 0.0500 after opening trade at $0.0497.

About The Company

One of the more important things to keep in mind with regards to NextMart is that the company does not have any major operations of its own at this point in time. In the past, NextMart had actually been involved in the art media as well as direct marketing for art media. In addition to that, it had also been focused on marketing as well as product designing. The company also owned an art themed real estate development business. The company had been established back in 1972 and is based out of Scottsdale in Arizona.

NextMart, Inc. – 43% Common Stock Cancellation

This past Friday the company had in fact come into the news cycle after it made a major new announcement and it may be a good idea for investors to consider taking a look into it in light of the latest gains. NextMart announced that it had been successful in cancelling a large number of shares of its common stock and returned those to the treasury. It led to a considerable reduction in the number of current outstanding and issued shares in NextMart. Such a move can often be seen as a major positive by investors since it makes the stock a rarer entity and that was possibly the reason behind the strong rally on Friday. Prior to the cancellation operation the company had as many as 415,025,304 issued and outstanding common shares. Following the cancellation, the number of issued and outstanding shares of the common stock dropped to 233,933,024. That was a significant reduction and it remains to be seen if the NextMart stock can continue to hold on to its momentum this week or not.

Key Quote

The Chief Executive Officer of the company Mr Maldonado spoke about the operation as well. He noted that the cancellation of shares led to the reduction of the number of issued and outstanding shares of the NextMart common stock by as much as 43%. He went on to state that it was a ‘huge’ step from the company and also demonstrated the fact that the management at NextMart was committed to its shareholders. It may be a good idea to keep an eye on the NextMart stock today.

Technical Data

NXMR stock is trading above the 20-Day and 50-Day Moving averages of $0.0265 and $0.0277 respectively. However, the stock is trading below the 200-Day moving average of $0.0455. The company has a total market capitalization of $15.78 million. The stock is up 67% over the past week.