The Labor SMART Inc (OTCMKTS:LTNC) stock has been in the middle of a decline in recent days and the trend continued on Wednesday. Yesterday, the stock suffered from another selloff and went down by 24%.
That took its losses over the past week to as much as 35%. The interesting thing about this decline is the fact that there has been no material news about the company that could have triggered this. However, it should be noted that back on June 7 the company Tweeted that it is looking for offers for its registered trademark ‘Labor Smart’.
While it is a significant development, it should be noted that if the company does accept an offer, it will continue to trade under the ticker symbol ‘LTNC’.
Joe Pavlik, who is the Chief Executive Officer of Labor SMART, stated that the company’s executive team had completed a review and after that it was decided that the current trademark does not reflect the long term objective of the company. At this point, Labor SMART is fully focussed on its subsidiary company Takeover Industries and the line of beverage products under the brand NXT LVL that are gaining traction at a pretty impressive clip.
Market Reaction:
On Wednesday, LTNC stock plunged 24% to $0.0112 with more than 368.27 million shares, compared to its average volume of 155.51 million shares. The stock has moved within a range of $0.0100 – 0.0165 after opening the trade at $0.0147. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0875.
 Stock Continues to Trade Lower: Where is The Bottom?){kind=link}