Sack Lunch Productions Inc. (OTCMKTS:SAKL), announced on September 06, 2022, about signing a Letter of Intent to acquire a 45% non-dilutive interest of Arowana Media Holdings Inc. Sack Lunch acquires rights to exclusive event and trademarked media titles, after which it licenses those to event planners and promoters, or hosts and manages its own events utilizing widely known event “banners” across the U.S. and Canada. Titles owned include “Color Me Rad” and “Dirty Dash” under which third-party event producers and social media campaign operators now produce events and social media content.
Trading Data
On Tuesday, SAKL stock moved up 12% to $0.0280 with more than 482.19K shares, compared to volume of 22.75K shares. The stock moved within a range of $0.0280 – 0.0479 after opening trade at $0.0350.
Sack Lunch Announces Letter of Intent to Acquire Stake in Arowana Media Holdings
Arowana Media Holdings is an entertainment company focused on acquiring rights to undervalued and/or legacy IP and develop, package, and produce these materials for feature film, television series and more, in partnership with studios and production companies. One of the properties owned by Arowana is the New York Times Bestselling “Wish”, by Barbara O’Connor, which the company is currently developing for full length feature and other opportunities.
Sack Lunch CEO Richard Surber has commented that the company is gradually reopening after the Covid-19 pandemic, but it is time to rethink how to monetize their properties. The addition of Arowana Holdings, with its titles and other intellectual properties, is an excellent fit, while the timing is ideal. Arowana Holdings CEO Mark B. Newbauer has stated that people demand engaging content now, so it presents great opportunities for both companies.
Key Quote
Commenting on the move, Sack Lunch CEO Richard Surber said, “following the public lockdown and cancellation of outdoor events in 2020 and 2021, it’s time for us to reopen but rethink how we monetize our properties. The addition of Arowana Holdings, with its titles and other intellectual properties, is a good fit for us, and it comes at just the right time. In concert with Arowana we should be able to introduce our respective entertainment and event titles – novels, short stories/novellas, comic book-themed films and ‘forgotten’ film titles – and pursue, incubate, and develop our collective properties for more diversified distribution.”
Technical Data
SAKL stock is trading below the 20-Day and 50-Day Moving averages of $0.45 and $0.60 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.93. The company has a total market capitalization of $2.43 million.
