Data-driven wellness wearable device firm Helo Corp (OTCMKTS:HLOC) is one of the better-known names in the fast-growing industry and yesterday the company made a major new announcement with regards to its operations.
Trading Data
On Wednesday, HLOC stock ended flat at $1.5000 with more than 939 shares, compared to its average volume of 1.64K shares. The stock moved within a range of $1.5000 – 1.5000 after opening trade at $1.5000.
Helo Corp Announces Strategic Restructuring Initiatives
The company announced yesterday the launch of several initiatives for the purpose of pivoting its strategy and for reducing costs at the same time. The Chief Executive Officer of Helo, Sean McVeigh, noted that the company’s revenues continued to be impacted negatively owing to the market conditions. Hence, the company came up with certain initiatives which were going to be put into practice from the fourth fiscal quarter.
The company is looking to expand its portfolio by adding to the number of devices and services under the Helo brand. On the other hand, it also seeks to launch a customer acquisition business that is going to be powered by affiliates. A global e-commerce platform is also in the works. The global network marketing operations are going to be discontinued in order to reduce costs, occupancy and headcount. Last but not the least, Help is also looking to develop a blockchain powered decentralized health data platform to help out customers. Customers will be able to take control of their health data and monetize it.
Key Quote
“Our revenue continues to be negatively impacted by challenging market conditions, specifically with respect to our network marketing distribution channel,” said Sean McVeigh, Chief Executive Officer. “In response, we have reviewed all aspects of our business model and organization for opportunities to drive new revenue growth, while optimizing our spending.”
Technical Data
HLOC stock is trading below the 20-Day and 50-Day Moving averages of $1.54 and $1.80 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.62.
