The United States based Ethereum technology and mining firm Sysorex Inc (OTCMKTS:SYSX) is one of the leaders in its sector, however, its stock did not have a particularly great time in the markets yesterday. Following a key announcement from the company yesterday, the stock suffered from a steep selloff and ended up with a decline of as much as 15%.
Trading Data
On Wednesday, SYSX stock moved down 15.58% to $0.0011 with more than 92.70 million shares, compared to its average volume of 41.72 million shares. The stock moved within a range of $0.0010 – 0.0014 after opening trade at $0.0013.
Sysorex Announces Closing of $500,000 Private Placement
The selloff in the stock came about after the company announced that it had been successful in closing a private placement of its stocks and warrants with an accredited investors to raise as much as $500,000 in gross proceeds. However, the development was clearly not welcomed by the investors and it is now going to be interesting to see if the stock can actually bounce back any time soon.
It should be noted that more details with regards to the transaction is available on the Form 8-K that had been filed by the company with the United States Securities and Exchange Commission. Investors could access it on the agency’s website. The company had appointed the services of Joseph Gunnar & Co LLC as the placement agent for the transaction. The firm had been the sole placement agent.
Technical Data
SYSX stock is trading below the 20-Day and 50-Day Moving averages of $0.0042 and $0.0119 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0479.
