It was not a particularly good day in the markets for the company Golden Developing Solutions Inc (OTCMKTS:DVLP) as its stock took a pounding and went down by as much as 15% as a consequence.
Trading Data
On Friday, DVLP stock ended lower by 15% to $0.0051 with more than 35.41 million shares, compared to a volume of 10.32 million shares. The stock moved within a range of $0.0049 – 0.0063 after opening trade at $0.0056.
Key Details
The health and wellness company was in the news back on Friday after it made an announcement with regards to the progress and developments that it had made in recent times. The company started off by noting that it had managed to sign a letter of intent for the acquisition of assets which could lead to additional revenues to the tune of as much as $60,000,000 a year once completed.
The definitive agreements have actually been prepared as well and had been sent for review as well. On the other hand, a letter of intent that the company had entered into back in April this year had been canceled following diligence.
The company discovered that there was no assurance about the profitability of the acquisition target. Golden Developing Solutions also noted that at this point in time as many as three separate acquisitions were in progress. It now remains to be seen if the stock can manage to make recovery any time soon.
Technical Data
DVLP stock is below the 20-Day and 50-Day Moving averages of $0.0057 and $0.0042 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0040. The company has a total market capitalization of $3.73 million. The stock is up 50% over the past 6-month.
