Mobile and web technology pioneer, Metatron Inc (OTCMKTS:MRNJ), on September 13, 2022, announced the firm is working on restructuring corporate debt obligations besides launching an AI Application division.
On Tuesday, MRNJ stock ended flat at $0.0005 with 803.63 million shares, compared to its average volume 63.65 million shares. The stock moved within a range of $0.0003 – 0.0005 after opening trade at $0.0005.
Metatron Inc. Corporate Debt Restructuring and Launch of New Artificial Intelligence Applications Division
The company, which has developed more than 2,000 apps on iTunes and Google Play, is working with debt holders for consolidating, restructuring, and ameliorating the firm’s debt obligations. Greater consolidation and favorable terms will help in streamlining its financial reporting and balance sheet.
The restructuring details will be confirmed on final completion and implementation. The firm opines AI as an unbridled beast of future technology growth as the Global AI market size was $65 Billion in 2020.
It is estimated that it will witness a CAGR of 38% through 2030, when the industry will reach $1.58 Trillion, as per Allied Market Research.
Metatron is putting together a new division to solely focus on AI solutions and the team will be headed by people in the United States. Metatron has formed Division Launch Committee and the initial meetings with project managers in Europe include discussions on assembling teams across India, Europe, and North America.
The company is looking at giving extra updates on the newly formed AI application division in the weeks ahead. It is expediting the launch of the fresh division seeking to gain a robust foothold. The firm is expecting to announce development in September.
MRNJ stock is trading above the 20-Day and 50-Day Moving averages of $0.0003 and $0.0002 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0003.