On Wednesday, International Star Inc (OTCMKTS:ILST) was in the news after the Chief Executive Officer of the company Nochum Greenberg sent out a letter.
Trading Data
On Wednesday, ILST stock lost 15.38% to $0.0022 with more than 107.76 million shares, compared to its average volume of 26.71 million shares. The stock moved within a range of $0.0019 – 0.0024 after opening trade at $0.0024.
International Star, Inc. (OTC:ILST) Letter from the CEO
However, it seems that investors were not quite happy with the contents of the letter and it resulted in a selloff that saw the International Star stock tank by as much as 15%. In this situation, it could be a good idea for investors to consider taking a look at some of the highlights from the letter. Greenberg started the letter off by talking about the acquisition of the cannabis firm Budding Equity Inc.
He noted that the acquisition presented promising possibilities since Budding Equity is a revenue-generating company that is cash flow positive. In addition to that, it holds a novel position in the worldwide cannabis industry at this point in time. In addition to that, Greenberg answered some of the question that the company had received from investors in recent times.
He assured investors that the plans that had been put in place by International Star were exciting but at the same time, they were realistic. It is going to be interesting to see if the stock can make a recovery today or not.
Technical Data
ILST stock is trading below the 20-Day and 50-Day Moving averages of $0.0040 and $0.0050 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0073. The company has a total market capitalization of $3.68 million. The stock is down 54% over the past month.
