Although the Seven Arts Entertainment Inc (OTCMKTS:SAPX) stock had a difficult time last week, it managed to make a strong recovery on Friday. The Seven Arts stock jumped by as much as 20% on Friday to reduce its losses for the whole week to 50% and it is now going to be interesting to see how the stock performs today.
The rally in the stock on Friday might have been related to the announcement made by the company with regards to its subsidiary company Seven Arts Music. The company revealed that Thom Hazaert has been retained in order to help with Seven Arts Music.
It is a major development for the company and it seems that investors have also been suitably impressed by this appointment. It is important to note that Hazaert has worked in the music industry for a long and his experience in the sector spans across a period of a quarter of a century.
As a matter of fact, he is also credited for having been a major factor in launching some of the most famous music artists like Linkin Park and Limp Bizkit among others. It now remains to be seen if Hazaert can manage to turn Seven Arts Music into a powerhouse of the music industry.
Market Reaction:
On Friday, SAPX stock gained by 20% to $0.0054 with more than 54.72 million shares, compared to its average volume of 31.61 million shares. The stock has moved within a range of $0.0036 – 0.0054 after opening the trade at $0.0044. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0122.
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