NuGene International Inc (OTCMKTS:NUGN), which is now known as Livento Group Inc, saw its stock take a beating and end the day with a decline of as much as 8% after it made a major new announcement.
On Wednesday, NUGN stock slumped 7.69% to $0.1200 with more than 942.34K shares, compared to volume of 1.68 million shares. The stock moved within a range of $0.1150 – 0.1300 after opening trade at $0.1180.
Livento Group Announces Closing of Sales at a Residential Development in Prague
The company announced that it had managed to complete its investment in RezidenceGeminos and all the units have been successfully sold. While the announcement was a fairly positive one, it did not create much optimism among investors and the aforementioned selloff ensured. The property is located in Prague in the Czech Republic and had been built as a condominium with as many as 16 units.
It is a modern energy-efficient building and offers ample parking space as well. The company acquired the project as well as its construction permit back in 2019. David Stybr, who is the Chief Executive Officer and Founder of Livento, spoke about the project as well. He noted that the latest announcement was an important one for the company and soon it would unlock value to the company’s shareholders as well. Although the stock fell yesterday, it now remains to be seen if there is a change in outlook soon and if there is a quick recovery.
“This modern residential building is close to public transportation, local attractions, and schools,” stated David Štýbr, Founder and CEO of Livento Group. “Today’s announcement is important as we will soon be able to provide significant value from this project to our investors and as well it’s completing our shift of focus to BOXO and Elisee divisions.”
NUGN stock is trading above the 20-Day and 50-Day Moving averages of $0.12 and $0.10 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.06. The company has a total market capitalization of $5.04 million.