New America Energy Corp (OTCMKTS:NECA) had a volatile session on Wednesday as the stock ended lower after opening higher. Moreover, the fall is not surprising considering the stock had run-up almost 150% over the past week.
Market Action
In the previous trading session, NECA stock went down 21.50% to $0.0022 with more than 572.47 million shares, compared to its average volume of 125.98 million shares. The stock has moved within a range of $0.0016 – 0.0032 after opening the trade at $0.0032.
Major Trigger:
New America Energy Corp., Signs Binding Letter of Intent to Acquire Third Bench Holdings
Key Highlights:
- announced the signing of a Binding Letter of Intent to acquire Third Bench Holdings, an industry leader in Kitchen & Bathroom cabinetry and countertops. Management believes the acquisition will be immediately accretive to NECA’s cash flow.
Key Quote:
“This is an incredible day for all New America shareholders. The Company recently announced engaging our auditors to become fully reporting, and now we have the pleasure of acquiring such a successful company with an incredible track record. I look forward to seeing their acquisition strategy unfold and build greater value going forward,” said Jeff Canouse, CEO of New America Energy Corp.
David Fair, CEO of Third Bench Holdings, states “We are very excited about taking this next step of becoming a public company. Third Bench is well-positioned to take advantage of the growth in commercial millwork and the historical demand for cabinets and countertops in the residential sector. We look forward to tapping into the public markets to fuel our expansion and long-term strategy.”
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