The past week has been a fairly tough period for investors in the Amergent Hospitality Group (OTCMKTS:AMHG) since the stock has gone through a major selloff and gone down by as much as 14% during the period. The company is involved in franchising, operating and owning a range of restaurants which are recognized on a national level.
Trading Data
On Tuesday, AMHG stock ended lower by 2.70% to $0.18 with more than 11K shares, compared to volume of 7.9K shares. The stock moved within a range of $0.1800 – 0.1995 after opening trade at $0.1850.
Amergent Hospitality Announces Opening of Jaybee’s Chicken Palace
On Tuesday, the company came into focus after it announced that it had launched a new Jaybee’s Chicken Palace in the city of Portland in Oregon. It was a major new announcement from the company but investors did not quite welcome the news given the price action in the stock.
The Chicken Palace outlet is going to offer customers with the option of both dine in and take away. In addition to that, the outlet is also going to offer hand-breaded chicken sandwiches, cocktails and gaming.
Fred Glick, who is the President of Amergent, spoke about the development as well. He noted that everyone at the company was pleased to have launched the Jaybee’s Chicken Palace outlet in Portland. He noted that the store located in the Jantzen Beach area is going to offer the community with a quality option.
Key Quote
Amergent Hospitality Group’s President, Fred Glick, stated, “We’re pleased to announce the grand opening of our new Jaybee’s Chicken Palace and offer our version of hand-breaded, crispy, spicy, tasty and fried chicken sandwiches and sides. The Jantzen Beach community has been good to us over the years, we expect this location is ideally suited for this concept.”
Technical Data
AMHG stock is trading below the 50-Day and 50-Day Moving averages of $0.23 and $0.27 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.35. The company has a total market capitalization of $2.88 million.
