Viper Networks (OTCMKTS:VPER) is off slightly after releasing news.
Market Action
VPER is down by 3.5% on Wednesday as of 12:30 trading at $0.0134. So far, more than 65 million shares have exchanged hands on 968 trades. Trading opened at .014 and has ranged between .012 and .0149.
VPER Reduces Debt and Shares Outstanding
Viper Networks released news Wednesday during market hours. Highlights include:
- Viper Networks has reduced the total amount of debt from $51.3 million to $12.7 million.
- Net Income of $ 37,625,398 for the 3-month period ending 3/31/2021.
- To help maximize shareholder value, the Company recently was able to reduce the number of outstanding shares by 7.8% or 470 million shares.
- Management further believes that they can reduce the amount by another 30 million shares, from a firm that has gone out of business and will likely have no recourse to individually reclaim the shares or otherwise. This would effectively put the reduced number of shares to 500 million or 8.3%
Viper Networks CEO, Mr. Shouekani, commented: “The Company is fast emerging on the global stage as a reliable partner with superior technology for Smart City projects, LED Lighting, and mobile communications. All though we have already released a number of press releases highlighting significant developments since February; we have within our grasp, several major opportunities that can forever impact Viper Networks’ worldwide standing overnight. Knowing this, I simply ask every shareholder to have a little more patience and faith in what promises to unfold over the next several weeks and months.
Traders Notes
VPER has trended lower down about 50% in the last month. There may be support at .015. Potential pivot points are .015, .0165 and .019 above and .012, .010, and .007 below. VPER is trading below its 5,10,20, and 50 day moving averages. All bearish signs.
Today’s news was positive, but that hasn’t slowed the selling pressure. If .015 doesn’t hold watch out below.
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