HUMBL Inc (OTCMKTS:HMBL) is up after announcing they signed a binding term sheet to acquire Monster Creative LLC.
Market Action
Shares of HUMBL Inc (OTCMKTS:HMBL) are trading at 1.52 as of 12:15 Friday gaining .09 up 6% on the session. Volume is 4.8 million shares, and 2865 trades have taken place. HMBL has traded sideways most of the week as volume continues to slow.
News Highlights
HUMBL, Inc. (OTC Markets: HMBL) announced today that it has entered into a binding term sheet to acquire Monster Creative, LLC.
Founded by award-winning industry veterans Doug Brandt and Kevin Childress, Monster Creative is a leading creative advertising agency in the entertainment space.
Monster Creative will continue independent operations of its Hollywood studios while collaborating with HUMBL in creating multimedia NFTs and ticketing experiences for clients in sports, music, entertainment, fashion, gaming, and photography.
“We are honored to work with such highly regarded Hollywood veterans, to create world class, immersive multimedia NFTs and ticketing experiences for clients and fans in the digital realm,” said Brian Foote, CEO of HUMBL.
The purchase price for the acquisition is $7.5 million (USD) in HUMBL common stock, $500,000 in cash, and a $500,000 (USD) promissory note.
Outlook
HMBL has lost its shine. Once a high-flying winner, shareholders have watched the stock lose 80% of its value since February. Both the average volume and average trade numbers are down well over 50% this month, so something has to happen to get things going. The bulls need the stock to break through 1.64 to start a new rally or this continues to head lower.
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