Yesterday, JZZ Technologies Inc (OTCMKTS:JZZI) was in the news after it made an announcement with regards to an acquisition but it did not prove to be a boost for its stock, which slumped by as much as 13% amidst a selloff. The company announced yesterday that it had completed the acquisition of LION Development Group LLC.
On Monday, JZZI stock slid 13.33% to $0.0013 with more than 22.74 million shares, compared to its average volume of 11.77 million shares. The stock moved within a range of $0.0013 – 0.0017 after opening trading at $0.0015.
JZZ Technologies, Inc. Launches New Real Estate Development Division with the Acquisition of LION Development Group LLC. of South Carolina
The company noted that the acquisition of the South Carolina-based LION Development Group is one of its earliest steps towards the development of its active lifestyle development unit. The division will be engaged in the acquisition and development of development and real estate projects. The company is going to be involved in both commercials as well as residential real estate.
Despite the fall in the stock price, it should be noted that LION Development Group and those who founded the company hold experience spanning more than 3 decades in the real estate space in South Carolina, Georgia, and Florida. The company has been successful in creating a wide range of real estate projects in these states over the course of the past thirty years. As it happens, it has also managed to build a reputation for excellence.
Charles Cardona, CEO and Chairman of JZZ Technologies, Inc. states, “The addition of Thomas Hayes and his team of development professionals to JZZ allows us to jump right into the real estate development sector with a legacy of excellence and a knowledgeable management team. We anticipate significant revenue growth through the projects that LION is bringing to the table. This acquisition opens the multibillion-dollar marketplace to our millions of subscribers.”
JZZI stock is trading below the 20-Day and 50-Day Moving averages of $0.0014 and $0.0017 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0039.