Fastbase Inc (OTCMKTS:FBSE) Stock In Focus: Company Plans To Reduce Authorized Shares

Web analytics and data-providing leader Fastbase Inc (OTCMKTS:FBSE) had a poor start to the week in the markets as its stock went through a selloff and ended up with a decline of as much as 5% for the day.

Trading Data

On Monday, FBSE stock fell 5.53% to $0.17 with more than 18K shares, compared to its average volume of 1.4k shares. The stock moved within a range of $0.1402 – 0.2000 after opening trade at $0.20.

Fastbase Inc (OTC: FBSE) Announces Plans To Reduce Authorized Shares

However, it should be noted that the company made a fairly positive announcement. Fastbase announced yesterday that it was on the verge of preparing the paperwork with regards to the reduction of its current authorized shares to 200,000,000 from 1 billion. It was a major announcement considering the fact that the reduction is going to be significant. It was also noted that this reduction is going to make the share structure far more consistent with the goals of the company.

The company went on to note that the substantial reduction in the share count is going to help in boosting shareholder value and boost its long-term viability. Mr. Refer, who is the Chief Executive Officer of Fastbase, noted that this was a move that was designed for the purpose of gaining market trust. However, he was quick to add that it was only one of the steps that was meant for winning the trust of the market.

Key Quote

Mr. Refer, CEO, went on to say, “Market trust is not easily built, but can be easily broken, we have plans for long term growth, and to bring shareholder value. We believe this is just one of many steps in our endeavor moving forward, and we continue to work diligently in the background, even at times when it seems we may go quiet, we are working together to forge a better future for our shareholders.”

Technical Data

FBSE stock is trading below the 20-Day and 50-Day Moving averages of $0.3636 and $0.9898 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.88.