Although Starco Brands (OTCMKTS:STCB) made an announcement with regards to a key new acquisition yesterday, the company’s stock suffered and went down by as much as 2% amidst a selloff.
Trading Data
On Thursday, STCB stock moved down 2.06% to $0.1900with 21.62K shares, compared to volume of 13.22K shares. The stock moved within a range of $0.1850 – 0.2300 after opening trade at $0.2000.
Starco Brands Acquires The AOS Group Inc., Maker of Art of Sport® Body and Skincare Brand Co-founded by Kobe Bryant
The company, which is involved in developing consumer products with behavior changing tech, announced yesterday that it had been successful in acquiring The AOS Group Inc. The transaction had been concluded back on September 12, 2022. The AOS Group is involved in the manufacturing of Art of Sport skincare and body products which are meant for powering and protecting athletes. The transaction had been conducted entirely in stock.
Ross Sklar, who is the Chief Executive Officer of the company, spoke about the acquisition as well and he was suitably excited about it. He noted that The AOS Group had been co-founded by Kobe Bryant, one of the greatest sportspersons to have ever lived. More importantly, he noted that the products from the company have been engineered in such a way that they could flush toxins holistically, absorb entities that could contaminate and at the same time refresh and prepare an athlete’s skin. He added that the product could be used by athletes pregame, postgame and also during game time.
Key Quote
“Cofounded by Kobe Bryant, one of the world’s single greatest sports icons, Art of Sport was uniquely formulated with raw materials designed to absorb contaminants, flush holistically, prepare, refresh and protect athletes’ skin. Its brand ethos reflects Kobe’s absolute commitment to greatness, making it overwhelmingly compelling and in line with our corporate culture,” said Ross Sklar, Starco Brands’ founder and CEO.
Technical Data
STCB stock is trading above the 20-Day and 50-Day Moving averages of $0.1271 and $0.1297 respectively. However, the stock is trading below the 200-Day moving average of $0.3214. The company has a total market capitalization of $30.45 million.
