It was not a particularly great day in the markets for investors in HeadsUp Entertainment International Inc (OTCMKTS:HDUP) as the stock suffered from a strong selloff and ended the day with a decline of as much as 10%. The company announced yesterday that it had been successful in closing an agreement that will see HeadsUp Entertainment taking over as the Operational Partner of the Emirates Draw range of products.
Trading Data
On Wednesday, HDUP stock decreased 9.61% to $0.1301 with more than 1.24 million shares, compared to its average volume of 571.70K shares. The stock moved within a range of $0.1271 – 0.1545 after opening trading at $0.1537.
HeadsUp Closes Deal to Become Operational Partner of Emirates Draw
It was a significant new announcement from the company but it did not lead to much optimism from market participants and the stock went into a tailspin soon after. It is now going to be interesting to see if the HeadsUp Entertainment stock can manage to make a comeback or not.
The company further announced that the www.emiratesdraw.com website had gone live. A range of games, lotteries, and multiple draws had already become active on the website as well. The agreement with regards to this deal had been finalised back on August 26 this year and the newly created team at HeadsUp Entertainment, based out of Abu Dhabi had been responsible for tying it all up.
HeadsUp Entertainment is going to be responsible for providing the necessary technology for the LIVE products on the website.
Technical Data
HDUP stock is trading below the 20-Day and 50-Day Moving averages of $0.14 and $0. 13 respectively. Moreover, the stock is trading below the 200-Day moving average of $0. 19. The company has a total market capitalization of $34 million. The stock is up 3% over the past month.
