At the start of this new trading week, investors are almost certain to look back on the stocks that performed strongly last week and one of the stocks which is expected to be on their radars is that of XCPCNL Business Services Corporation (OTCMKTS:XCPL).
On Friday, XCPL stock rose 1.75% to $0.0029 with 5.33 million shares, compared to its average volume 12.68 million shares. The stock moved within a range of $0.0027 – 0.0030 after opening trade at $0.0029.
XCPCNL Business Services Announces Share Buyback Initiative and Reduces Authorized Share Capital
The stock was in the middle of a strong rally last week and had ended up with gains of as much as 38% for the week. The company had come into sharp focus among investors back on October 5 when it announced that it had reduced the Authorized Share Count in XCPCNL Business Services Corporation by as much as 250,000,000. The reduction had been affected back on October 4, 2022.
Such a reduction is often seen as a positive development by investors since it makes the shares rarer and hence, could eventually unlock considerable value. As on October 5, 2022, the Authorized Share Count in the company stood at 500,000,000.
It was an indication that XCPCNL Business Services Corporation was looking to boost shareholder value and at the same time, working towards the reduction of more dilution in the stock. It was a step that was a precursor to the share buyback program that the company was going to embark on.
“I am thrilled to prove to all our loyal shareholders that I am fully committed to enhancing shareholder value. As we work towards leveraging the Centiment Capital contacts and resources to build our brand and business, I want to ensure that our shareholders remain confident in our initiatives and maintain their excitement for the future,” commented Tim Matthews, CEO.
XCPL stock is trading below the 20-Day and 50-Day Moving averages of $0.0027 and $0.0036 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0108.