Holding company focusing on the commercial development of cannabinoid-infused products, Branded Legacy Inc (OTCMKTS:BLEG), on September 8, 2022, announced finalizing the acquisition of Magic 1 Promotions LLC, a Solar and Water Purification Company.
Trading Data
On Thursday, BLEG stock ended flat at $0.0130 with more than 730.97K shares, compared to its average volume of 523.77K shares. The stock moved within a range of $0.0130 – 0.0146 after opening trading at $0.0146.
Branded Legacy, Inc. Acquires Solar and Water Purification Company
H2O and Solar Solutions is looking to deliver the best possible solutions for Solar Energy and Water Purification. The company gives free quotations and free home testing for workplaces and residences to meet the growing demand for clean energy solutions and water purification systems.
Brandon Spikes, chairman of Branded Legacy Inc said that the company had announced plans with Versatile Industries as an incubator. This will enable firms to become public and spin them off into their own entities. He added that the new entities will result in dividends being paid out to shareholders. Furthermore, the chairman said that the company is grateful to be in the clean energy space and the acquisition will add significant value to shareholders.
Spikes added that this would be the first firm to use Versatile Industries as an incubator. As per the chairman, Branded Legacy will look to find the correct publicly traded company for selling the membership interest.
The acquisition is being done under Branded Legacy’s wholly owned subsidiary, Versatile Industries, LLC. Magic 1 Promotions has done more than $320,000 in revenues in the first eight months of 2022.
Key Quote
Brandon Spikes, chairman of Branded Legacy, Inc., stated, “We had previously announced our plans with Versatile Industries as an incubator to bring companies public and spin them off into their own entities. These new entities would result in dividends paid out to our shareholders. We are grateful now to be in the clean energy space and we believe this acquisition is a huge value add to Branded Legacy and its shareholders.”
Technical Data
BLEG stock is trading below the 20-Day and 50-Day Moving averages of $0.0160 and $0.0174 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0301. The company has a total market capitalization of $5.70 million.
