One of the companies that could come on to the radars of investors this morning owing to the developments from yesterday is Cann American Corp (OTCMKTS:CNNA). It is a holding company and is currently involved in building a varied intellectual property portfolio.
Trading Data
On Wednesday, CNNA stock fell 34.72% to $0.0047 with more than 22.53 million shares traded, compared to volume of 2.46 million shares. The stock moved within a range of $0.0044 – 0.0076 after opening trading at $0.0076.
Cann American Corp. Announces Binding Letter of Intent
Yesterday, the company announced that it had gone into a binding letter of intent with the firm Mark2media Group. As per the provisions of the agreement signed between the two parties, Cann American would acquire as many as 80 million common shares of Mark2media, which is going to make up an 80% stake in the latter. In exchange, Cann American is going to hand over as many as 1500000 Series B preferred shares.
It was a major new development for the company and one that could prove to be a long term boost. Hence, it is going to be interesting to see if the stock can manage to come on to the radars of investors in a big way this morning or not. Mark2media is a tech company and is involved in the development of applications that are meant for distribution across the globe. It has devised a business model that helps in eliminating heavy end user costs.
Technical Data
CNNA stock is trading above the 20-Day and 50-Day Moving averages of $0.0043 and $0.0032 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0040.
