Anyone who has been watching the OTC Markets over the course of the past week may have noticed that Live Current Media Inc (OTCMKTS:LIVC) has emerged as one of the major movers. During that period, the stock has managed to clock gains of as much as 20% amidst significant interest.
Trading Data
On Monday, LIVC stock surged 3.54% to $0.2899 with more than 12.35K shares, compared to its average volume of 45.27K shares. The stock moved within a range of $0.2543 – 0.2899 after opening trade at $0.2800.
Live Current Media Inc. Signs LOI to Acquire the Assets of PowerSpike Inc.
As it happens, the company was in the news yesterday after it announced that it had inked a letter of intent with regards to the acquisition of all assets, as well as social media sites and code of the New York based company PowerSpike Inc. The transaction was conducted entirely in stock.
The Chief Executive Officer of the company Mark Ollila spoke about the virtues of PowerSpike as well. He noted that it had managed to create an artificial intelligence based innovative marketing product that connects different brands with influencers.
He went on to add that the marketing solution would bring considerable value to the company’s Kast platform and help Live Current Media in making a big move into the creator space. Ollila also stated that the acquisition of PowerSpike is another example of the inorganic growth strategy that Live Current Media has managed to put into place.
Key Quote
“The team at PowerSpike have created a remarkably innovative marketing solution to connect brands with influencers using artificial intelligence,” said Live Current CEO Mark Ollila. “This tool will add great value to our Kast platform and further enable our company’s entry into the creator economy.” Mr. Ollila went on to state: “This acquisition is an example of the inorganic growth strategy that we have been executing. We look for companies that have great technology and communities that share our growth vision. This leads to tremendous opportunities for our partners and our community members. We will continue this strategy in combination with our organic growth activities.”
Technical Data
LIVC stock is above the 20-Day and 50-Day Moving averages of $0.28 and $0.25 respectively. However, the stock is trading below the 200-Day moving average of $0.30. The company has a total market capitalization of $46 million. The stock is down 3% over the past month.
