Seven Arts Entertainment Inc (OTCMKTS:SAPX) stock is moving lower in the late morning session on Monday.
Major Trigger:
Seven Arts Entertainment Inc. Provides Shareholder Update
Key Highlights:
- On June 4, 2021, by a majority shareholder vote, Jason Black was appointed as CEO of the Company. Mr. Black has extensive experience in bringing delinquent companies back into current reporting status.
- The Company has an extensive history in the production of movies and music. Under previous management SAPX was briefly named Wireless Connect where it contemplated a different business model. This endeavor was later rescinded, and the Company was returned to Seven Arts Entertainment to continue under its original business model.
- Though the Company has had a turbulent history under former management, current management believes there are still significant assets to be recovered that can increase shareholder value. Management has initiated investigations through its legal counsel as well as through former creditors to uncover the extent of the film and music assets still belonging to the Company and its subsidiaries.
- Additionally, current management has previously been successful in facilitating the return of considerable amounts of issued shares back to treasury in other companies and will be employing the same measures to achieve share reductions in Seven Arts. $35,000 in Transfer Agent fees left by previous management have already been satisfied in order to begin the process of improving the Company’s overall share structure.
Market Reactions
As of 12:30, SAPX stock fell by 20% at $0.0080. Total volume so far stood at 102.60 million shares, compared to its average volume of 21.99 million shares. The stock moved within a range of $0.0076 – 0.0122 after opening at $0.0114.
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