Seven Arts Entertainment Inc (OTCMKTS:SAPX) stock continued to correct on Thursday and ended sharply lower.
Market Action
On Thursday, SAPX stock was down 27.50% to close at $0.0045 with more than 119.21 million shares – 4X its average volume of 30.32 million shares. The stock moved within a range of $0.0036 – 0.0071 after opening the trade at $0.0066.
Major Trigger:
Seven Arts Entertainment Retains Music Industry Professional
Key Highlights:
- SAPX announced Thom Hazaert has been retained to assist with the Company’s subsidiary, Seven Arts Music.
- Mr. Hazaert has over 25 years experience in all aspects of the music industry and has been instrumental in launching major artists such as Linkin Park, Papa Roach and Limp Bizkit. His vast industry background can be viewed on his Wikipedia page here: https://en.wikipedia.org/wiki/Thom_Hazaert
- Mr. Hazaert will be tasked with managing the Company’s Seven Arts Music subsidiary. His initial focus will be identifying the chain of custody over the masters of the recently departed artist, DMX.
- Though there was a strained relationship between old management and DMX, the Company intends to reach out to his estate and seek their blessing to re-master and re-release some of the Seven Arts tracks as a tribute album. We intend to approach this project respectfully and with reverence for the life and legacy of DMX.
Key Quote:
Stated CEO, Jason Black: “I’m excited to have Thom on board with Seven Arts. His experience with music labels, A&R and artist management is precisely what we need to hit the ground running on developing the Company’s music library.”
 Stock Continues to Correct: Will it Rebound?){kind=link}