Medical Care Technologies, Inc. (OTCMKTS:MDCE) has announced completing its acquisition of 100% of the membership units of sports memorabilia auction house Infinite Auctions LLC, on October 6, 2022. From now onwards, Infinite Auctions will operate as a wholly-owned subsidiary of MDCE.
Trading Data
On Thursday, MDCE stock moved up 14% to $0.0057 with more than 1.25 million shares, compared to a volume of 1.2 million shares. The stock moved within a range of $0.0050 – 0.0068 after opening trade at $0.0054.
Medical Care Technologies, Inc. (OTC: MDCE) Completes its Acquisition of Infinite Auctions LLC
Mr. Marshall Perkins, the founder of Infinite Auctions will assume the role of President and CEO of MDCE. He was one of the early pioneers of the photo-matching authentication process that is now standard for authenticating high-end sports memorabilia.
Infinite Auctions was founded in 2015 and provide an online platform for memorabilia collectors and professional athletes to consign and sell high-valued collectibles in a secure online auction format. It specializes in the auctions of game-worn sports memorabilia, including jerseys, helmets, bats, and other items worn or used by athletes in professional sporting events. Other items auctioned are high-end sports cards, trading cards, fine autographs, Americana, and other valuable antiquities. It also offers a private sale brokering program that connects sellers and buyers outside of the auction for quicker sales.
The company even intends to create an NFT marketplace of digital media experiences based on its sports memorabilia assets. With this business combination, MDCE enters the $26 billion sports memorabilia market that is expected to climb to over $200 billion by 2032!
Key Quote
Mr. Perkins stated, “Infinite Auctions has experienced rapid revenue growth over the last few years. The sports memorabilia industry is one of the fastest growing industries in the world, and this business combination provides us with access to additional capital markets that will allow us to substantially increase our memorabilia asset base and accelerate our revenue growth trajectory going forward.”
Technical Data
MDCE stock is trading below the 20-Day and 50-Day Moving averages of $0.0059 and $0.0058 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0070.
